OCCUPATIONS AND PROFESSIONS
NEW HAMPSHIRE REAL ESTATE PRACTICE ACT
331-A:22-a Practice by Brokers of Other Jurisdictions.
I. An out-of-state broker may perform acts with respect to a commercial real estate transaction that require a license under this chapter, provided the out-of-state broker complies with the laws of this state with respect to the transaction and:
(a) Works in cooperation with a licensed New Hampshire broker, whether in a co-brokerage, referral, or other cooperative agreement or arrangement;
(b) Enters into a written agreement with a licensed New Hampshire broker that includes the terms of cooperation and any compensation to be paid by the licensed broker and a statement that the out-of-state broker and the out-of-state broker's agents will comply with the laws of this state;
(c) Provides the licensed New Hampshire broker a copy of the out-of-state broker's license or other proof of licensure from the jurisdictions where the out-of-state broker maintains a license as a real estate broker;
(d) Deposits all escrow funds, security deposits, and other money received pursuant to the commercial real estate transaction to be held as provided in RSA 331-A:13; and
(e) Complies with and is bound by and subject to New Hampshire law and the rules of the New Hampshire real estate commission and consents to the jurisdiction of the state of New Hampshire.
II. An-out-of-state salesperson may perform acts with respect to a commercial real estate transaction that require a license as a real estate salesperson under this chapter, provided the out-of-state salesperson complies with the laws of this state with respect to the transaction and:
(a) Works under the direct supervision of an out-of-state licensed broker who complies with the requirements set forth in paragraph I; and
(b) Provides the New Hampshire licensed broker who is working in cooperation with the out-of-state broker a copy of the out-of-state salesperson's license or other proof of licensure from the jurisdictions where the out-of-state salesperson maintains a license as a real estate salesperson.
III. Each out-of-state broker or out-of-state salesperson who advertises for sale commercial real estate pursuant to this section shall include in any advertising material the name and contact information in equal prominence of the New Hampshire licensed broker with whom the out-of-state-broker has a written agreement.
IV. The commission shall adopt rules, pursuant to RSA 541-A, relative to cooperative brokerage agreements under this section. Such rules shall include:
(a) The form and content of a cooperative brokerage agreement.
(b) The length of time an agreement may be effective.
(c) The procedure for extension or early termination of an agreement.
(d) Any fees which may be associated with a cooperative brokerage agreement.
(e) The penalty, in addition to any other penalty under this chapter, for violation of the rules concerning cooperative brokerage agreements, and the procedure to appeal the commission's ruling.
V. An out-of-state broker or out-of-state salesperson who fails to comply with any provision of this section shall be considered in violation of RSA 331-A:34.
Source. 1999, 257:1. 2005, 286:16. 2012, 171:26, XVI. 2016, 91:3, eff. July 18, 2016.