(a) A licensed real estate salesperson may exchange a real estate salesperson license for an associate real estate broker license and become affiliated with a licensed real estate broker as an associate real estate broker, if the real estate salesperson: (1) has previously held an associate real estate broker license or a real estate broker license; (2) has held a license continuously since initially being licensed as an associate real estate broker or a real estate broker; (3) obtains, from a licensed real estate broker, a commitment providing that, on the granting of an associate real estate broker license to the real estate salesperson, the real estate salesperson shall become affiliated with the broker as an associate real estate broker; and (4) complies with the application procedures under subsection (g) of this section. (b) A licensed real estate salesperson may exchange a real estate salesperson license for a real estate broker license, if the salesperson: (1) has previously held an associate real estate broker license or a real estate broker license; (2) has held a license continuously since initially being licensed as an associate real estate broker or a real estate broker; and (3) complies with the application procedures under subsection (g) of this section. (c) A licensed associate real estate broker may exchange an associate real estate broker license for a real estate salesperson license and become affiliated with a licensed real estate broker as a real estate salesperson, if the associate broker: (1) obtains, from a licensed real estate broker, a commitment providing that, on the granting of a real estate salesperson license to the associate broker, the associate broker shall become affiliated with the licensed real estate broker; and (2) complies with the application procedures under subsection (g) of this section. (d) A licensed associate real estate broker may exchange an associate real estate broker license for a real estate broker license if the associate broker complies with the application procedures under subsection (g) of this section. (e) A licensed real estate broker may exchange a real estate broker license for a real estate salesperson license and become affiliated with another licensed real estate broker as a real estate salesperson, if the broker: (1) obtains, from the other licensed real estate broker, a commitment providing that, on the granting of a real estate salesperson license to the real estate broker, that individual shall become affiliated with the other broker as a real estate salesperson; and (2) complies with the application procedures under subsection (g) of this section. (f) A licensed real estate broker may exchange a real estate broker license for an associate real estate broker license and become affiliated with another licensed real estate broker as an associate real estate broker, if the broker: (1) obtains, from the other licensed real estate broker, a commitment providing that, on the granting of an associate real estate broker license to the real estate broker, that individual shall become affiliated with the other real estate broker as an associate real estate broker; and (2) complies with the application procedures under subsection (g) of this section. (g) To exchange a license for another license, a qualified licensee shall: (1) surrender the current license certificate and pocket card of the licensee to the Commission; (2) submit to the Commission an application on the form that the Commission provides; (3) if exchanging a real estate salesperson license or an associate real estate broker license for another license, submit to the Commission: (i) acknowledgment from the licensed real estate broker with whom the licensee currently is affiliated that the affiliation is terminated; or (ii) a statement from the licensee that the current affiliation of the licensee is terminated; (4) if exchanging a license for a real estate salesperson license or an associate real estate broker license, submit to the Commission adequate evidence that the licensee has obtained, from a licensed real estate broker, a commitment providing that the licensee shall become affiliated with the broker as a real estate salesperson or an associate real estate broker on the granting of a new license to the licensee; (5) pay to the Commission an application fee set by the Commission; and (6) submit to the Commission any additional information or documentation that the Commission requires. (h) On compliance by the applicant with the procedures of this section, the Commission shall cancel the current license of and grant an appropriate new license to each individual who meets the applicable requirements under this subtitle. (i) The Commission shall issue an appropriate license certificate and pocket card to each individual who has been granted a license under subsection (h) of this section.
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