Transfer of license; change of status.

A license issued to a real estate broker, real estate broker or property manager shall not be transferred to another person. A person licensed as a real estate broker may, upon written request to the Mayor, change his or her status from that of a real estate broker to that of a member, partner, trustee, or officer of a firm, franchise, partnership, association, or corporation, or to that of an associate real estate broker with a corporation, for any unexpired portion of his or her licensure term, upon the payment of the requisite fees required pursuant to this subchapter. Any broker who wishes to change his or her status to that of an associate real estate broker shall notify the Board of Real Estate by certified mail. For the purposes of this part, the term “associate real estate broker” means any person licensed under this subchapter as a broker who is employed by a real estate broker, franchise firm, association, business, or corporation, but who is not a partner, an officer or a principal broker within a licensed legal entity.