AZ LAW BOOK

1. Any change in officers, directors, members, managers or partners or any change of control of the entity. 2. Any amendment to its articles of incorporation or organization or to its partnership agreement. 3. If a corporation, when a person becomes an owner of ten per cent or more of the stock in the corporation. 4. The dissolution of the corporation, limited liability company or partnership. 32-2125.01. Issuance of license; multiple licenses; use A. When the requirements for application, examination and payment of fees are completed to the satisfaction of the commissioner, the commissioner shall issue the license applied for to the applicant. Any person who has passed the state examination for broker or salesperson must become licensed within one year from the date of the examination. Failure to comply with this section will necessitate the submission to and passing of another examination. B. Not more than one license shall be issued and outstanding to or in favor of a licensee at any one time, except that a person licensed as a real estate broker or real estate salesperson may engage in cemetery or membership camping sales activities without being separately licensed to engage in these activities. A real estate licensee may have only one employing broker in each of the following categories: 1. Cemetery. 2. Membership camping. 3. Real estate. C. A designated or employing real estate broker may engage in cemetery or membership camping sales activities and may employ cemetery and membership camping salespersons and associate brokers without being separately licensed as a cemetery or membership camping broker or salesperson. 32-2125.02. Nonresident licensees; service of process; employment A. An application for and acceptance of a license as a nonresident salesperson or broker shall be deemed to constitute irrevocable appointment of the commissioner as the agent or attorney in fact of the licensee for the acceptance of service of process issued in this state in any action or proceeding against the licensee arising out of the licensing, out of transactions under the license or in any action which may result in payment from the real estate recovery fund. B. Duplicate copies of any process shall be served on the commissioner. The plaintiff at the time of service shall pay the commissioner fifteen dollars, taxable as costs in the action. On receiving this service the commissioner shall promptly forward a copy of the service by certified mail to the licensee at the licensee's last address of record with the commissioner. Process served on the commissioner pursuant to this subsection constitutes service of process on the licensee as though the licensee were personally served with the process in this state. C. A nonresident licensee shall accept employment or compensation as a nonresident licensee only under section 32-2155 and only from a broker who is actively licensed in this state. D. A nonresident broker shall maintain in this state the records required by section 32-2151.01 and shall notify the commissioner of the address where the records are kept. E. Broker or salesperson license applicants who do not reside in this state are required to complete a minimum of a twenty-seven hour course that is specific to this state's real estate statutes, rules, practices and procedures and that is prescribed and approved by the commissioner and are required to pass the real estate school examination before taking this state's examination. The subject matter and course outline shall cover areas specific to this state's real estate practice and law. The requirements of this subsection also apply, to the extent applicable, to broker or salesperson applicants who wish to use college credit in fulfillment of the required ninety prelicensure hours. F. The commissioner may adopt rules necessary for the regulation of nonresident licensees. 32-2125.03. Confidentiality of licensee's residential address, electronic mail address, residential telephone number and social security number A. Notwithstanding any other law, a licensee's or applicant's residential address or residential telephone number maintained by the department shall not be available to the public unless the commissioner determines that disclosure of the residential address or residential telephone number, or both, serves the interests of justice and is in the public interest.

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Law Book Revised 11.02.2017