(a) An applicant for a broker's license shall: (1) Submit evidence satisfactory to the commission of either: (i) Real estate experience as a licensed real estate salesperson during the two years prior to the date of application showing the applicant's representation of a buyer or seller in a minimum of 20 closed transactions; if the applicant is engaged solely in the leasing or renting of real estate, representation of the landlord or tenant in a minimum of 20 closed transactions of at least one year in duration; or if the applicant is engaged solely in the management of a real estate brokerage company, active involvement in a minimum of 20 closued transactions; or (ii) regardless of the number of years as a licensed salesperson: a minimum of 40 closed transactions; if the applicant is engaged solely in the leasingt or renting of real estate, representation of the landlord or tenant in a minimum of 40 closed transactions of at least one year duration; or if the applicant is engaged solely in the management of a real estate brokerage company, active involvement in a minimum of 40 closed transactions. For the purposes of this section, a "closed transaction" means a transaction that resulted in the real estate being conveyed from seller to buyer in swhich the applicant represented the seller, buyer, or both, or a transaction that resulted in the consummation of a lease of no less than one year in duration in which the applicant represented either the landlord or tenant of the real estate; g (2) Submit satisfactory evidenece of having completed the required education course as provided for in §30-40-14 of this code; and (3) Successfully pass the examination or examinations provided by the commission. (b) No broker's license shall be issued in the name of an entity except through one of its members or officers. (c) No broker's license may be issued in the name of an entity unless each member or officer who will engage in the real estate business, obtains a license as a real estate salesperson or associate broker.
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