Section 20-325l - Cooperation with out-of-state brokers and salespersons regarding commercial real estate transactions in this state(a) 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: (1) Works in cooperation with a licensed broker, whether in a cobrokerage, referral or other cooperative agreement or arrangement; (2) Enters into a written agreement with a licensed 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; (3) Provides the licensed broker a copy of the out-of-state broker's license or other proof of licensure from the states where the out-of-state broker maintains a license as a real estate broker; (4) Deposits all escrow funds, security deposits, and other money received pursuant to the commercial real estate transaction to be held as provided in section 20-324k unless the agreement required in subdivision (2) of this subsection specifies otherwise; (5) Complies with the laws of this state with respect to the transaction; and (6) Is credentialled as a real estate broker in another state. (b) 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: (1) Works under the direct supervision of an out-of-state broker who meets the requirements set forth in subdivisions (1), (5) and (6) of subsection (a) of this section; and (2) Provides the 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 states where the out-of-state salesperson maintains a license as a real estate salesperson. (c) Any out-of-state broker or out-of-state salesperson licensed in a state that has no distinction between a real estate broker license and a real estate salesperson license shall be subject to the requirements of subsection (a) of this section with regard to any commercial real estate transaction in this state. (d) Each out-of-state broker or out-of-state salesperson that advertises for sale commercial real estate pursuant to this section shall include in any advertising material the name of the licensed broker with whom the out-of-state broker has a written agreement pursuant to subdivision (2) of subsection (a) of this section. Nothing in this section shall permit an out-of-state broker or out-of-state salesperson to accompany a prospective buyer at the site of commercial real estate pursuant to a real estate transaction in this state. (e) An out-of-state real estate licensee may receive compensation for referring to a real estate licensee in this state a prospective party to a real estate transaction in this state.Conn. Gen. Stat. § 20-325l
Amended by P.A. 23-0084,S. 32 of the Connecticut Acts of the 2023 Regular Session, eff. 4/1/2024.