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CHANGE IN SPONSORING BROKER 2025

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The document outlines PhillipCapital's obligations under the Foreign Account Tax Compliance Act (FATCA), detailing the requirements for individuals, trusts, and companies to declare their tax residency status. It emphasizes the need for clients to provide accurate information regarding their USA tax status and includes sections for different types of investors to complete necessary declarations. The document also clarifies that PhillipCapital cannot provide tax advice and encourages clients to seek professional guidance.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What does it mean to find a sponsoring broker?

The sponsoring broker is responsible for providing guidance, support, and training to agents, ensuring that they adhere to legal and ethical standards while conducting real estate transactions. One of the primary responsibilities of a sponsoring broker is to oversee the activities of their affiliated agents.

What to say when switching brokerages?

Just say you believe it to be the best decision for you and your business and you appreciate everything theyve done for you. Keep it simple and straightforward. Have all your forms ready to go with your new brokerage and association so things get transferred quick. Youll be good.

What happens to the listing agreement if the broker loses his/her license?

What happens to the listing agreement if the broker loses his/her license? The seller chooses another broker to handle the listing. The original broker finishes the transaction because he/she was licensed when the agreement was signed.

What happens if a brokers license is revoked his sponsored sales agents?

When a brokers license is revoked, the licenses of all salespeople working under them automatically become inactive. A salesperson working under a broker whose license has been revoked can only return to real estate activities by transferring their license to another qualifying broker.

What happens to a sales agents license if their sponsoring broker dies?

So, in the eyes of the law, agents licensed under that broker will be treated as though the broker has lost their license. Their real estate licenses will automatically be declared inactive.

What happens if the broker dies or loses her license?

In some jurisdictions, if a brokers license is suspended, the brokerage firm may have another designated broker who would come in and take over the responsibility of the firm temporarily until a new broker is found or the brokers license is gained again.

When a sponsoring broker loses her license?

In most cases, if a broker loses their license, the license of the real estate people working under them will automatically be suspended. These people will need to change their employer (look for a new broker to work with) and apply for a new license.

How to change responsible broker?

To do so: Sign in to eLicensing. Click on CHANGE RESPONSIBLE BROKER. The license information for your current employer will be displayed. Enter the LICENSE NUMBER of the new responsible broker or corporation. If the responsible broker information displayed is correct, click on SAVE BROKER INFORMATION.

CHANGE IN SPONSORING BROKER 2025

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