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C. A licensed Mississippi broker may cooperate with a broker licensed in another state
- A licensed Mississippi broker may cooperate with a broker licensed in another state who does not hold a Mississippi license through the use of a cooperative agreement. A separate cooperative agreement must be filed for each property, prospective user or transaction with said writing reflecting the compensation to be paid to the Mississippi licensed broker. The listing or property management agreement for the Mississippi real property shall in such cases remain in the name of the Mississippi licensed broker.
The commissions or other compensation resulting from the sale/rent/lease/property management or auction of the Mississippi real property and which are earned during the period the cooperative agreement is in force shall be divided on a negotiable basis between the Mississippi broker and the nonresident broker.
A responsible (principal) nonresident broker described herein is defined as an active, licensed responsible real estate broker of another state who does not possess an active responsible nonresident real estate broker’s license issued by the Mississippi Real Estate Commission (MREC). A Mississippi broker described herein is a responsible (principal) real estate broker whose license is on active status and whose license was issued by MREC either as a responsible resident Mississippi broker or as a responsible nonresident Mississippi broker.
The responsible nonresident broker cannot place any sign on real property located in the state of Mississippi without the written consent of the cooperating responsible Mississippi broker. When the consent is obtained, the sign of the responsible Mississippi broker must be placed in a prominent place and in close proximity to the responsible nonresident broker’s sign. Any licensed responsible Mississippi broker assisting or cooperating in the sale, lease, property management, rental or auction of real property within the state of Mississippi with a responsible nonresident broker who fails or refuses to list his or her name in such advertisement, or fails or refuses to cross-list such property with him or her, in writing, shall be deemed in violation of Section 73-35-11 of the Real Estate Broker’s License Act, and shall be subject to a revocation or suspension of his or her license. In such instance herein where a responsible Mississippi broker enters into a cooperative agreement with a responsible nonresident broker pertaining to the sale of real property within the state of Mississippi, the responsible Mississippi broker must file two copies of the cooperating agreement with the Mississippi Real Estate Commission.