In addition to his principal place of business, a licensed broker may maintain one or more branch offices under the same business name at different locations. A licensed broker who maintains a branch office 50 or more miles from such broker's principal office must employ a licensed real estate broker to actively manage such office and to supervise the real estate salesmen working from such branch office; the license of the broker employed to actively manage such branch office shall be displayed in the branch office.

.0104 Listing Contracts

Every written listing contract shall provide for its existence for a definite period of time and for its termination without prior notice at the expiration of that period. It shall not require an owner to notify a broker of his intention to terminate the listing.

Every real estate broker or real estate salesman shall immediately, but in no event later than five days from the date of execution, deliver to the parties thereto copies of any contract, offer, lease, or option affecting real property.

.0107 Handling and Accounting of Funds

(a) All monies received by a real estate broker acting in his fiduciary capacity shall be deposited in a trust r escrow account within 72 hours of receipt. All monies received by a real estate salesman shall be delivered immediately to the broker by whom he is employed.

(b) Closing statements shall be furnished to the buyer and the seller in the transaction at the closing or not more than five days after closing.

.0108 Retention of Records

Real estate brokers shall retain records of all transactions conducted in such capacity for a period of three years. Such records shall include contracts of sale, written leases, listing contracts, options, offers to purchase, trust records, earnest money receipts, closing statements and any other records pertaining to real estate transactions.

.0504 Inactive License Status

(a) A real estate broker or salesman may return his license to the Board and have such license placed on an inactive status. Inactive licenses may be renewed upon the payment of the regular $10.00 annual renewal fee and, if so renewed, may be reactivated at any time within three years following placement on inactive status without re-examination by making written request to the Board and paying $1.00 fee for re-issuance of license.

(b) In the event a license has been on inactive status for a continuous period of more than three years, the Board may, in its discretion, subject the holder of such license to the requirements of an original applicant.

(c) The holder of an inactive license shall not be entitled to act in any capacity for which a license is required until his license has been reactivated. Inactive licenses may be revoked or suspended by the Board when conditions exist under which an active license could be revoked or suspended.

A salesman's license is valid only while he is associated with and supervised by a broker. Upon termination of such association, the broker shall immediately endorse the back of the salesman's license, showing date of termination, and return same to the Board for inactive status or transfer. The salesman concerned may have his license re-issued and transferred to a new broker by filing a prescribed transfer form with $1.00 fee. These forms are available upon request to the Board.*

*A return to this procedure is deemed necessary in order to assure that the salesman's reissued license is mailed to the salesman at the new broker's address for display in that broker's office.