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Broker lost license -- Advice needed
I have a good friend who is a fairly new real estate agent. Her broker recently had his license revoked. This just recently happened, and I can't provide details at this time. My friend's listings are still under the control of that broker, and the broker recently moved her listings to another agent! Without getting a lawyer involved at this point, what action should my friend take? She has signed with a new broker, but the new broker isn't sure how to proceed, and the old broker is still trying to retain control or the group. What does my friend need to do to ensure she retains her listings?
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I have not had to deal with this situation personally i'm just going off of what I was told when I went to school.
I believe in a situation such as this each office has a designated person who will take over the broker role in the event something happens to the broker. Revocation, death etc.
The listings remain with the brokerage so if your friend remained with said brokerage she shouldn't have them moved to another agent. It appears as the new broker in charge moved them when your friend left that brokerage.
Again full disclosure I have not had to deal with this. This is just how I was told it works.