P.R. Laws tit. 20, § 3035
A real estate company license shall be issued to a corporation or partnership if it meets the following requirements:
(a) In the case of a partnership, all the partners except the silent partners or members shall be individual holders of a real estate broker or salesperson’s license issued by the Board.
(b) In the case of a corporation, all the shareholders shall hold a real estate broker’s license. The directors and officials who perform as brokers or salespersons in behalf of the corporation shall also be individual holders of a real estate broker or salesperson’s license issued by “The Board” (sic). In addition to the individual liability that each of these persons has for their professional actions or omissions, the licensee corporations shall be liable for the deals that every broker or salesperson contracted or employed by the company performs as a real estate broker or salesperson.
(c) To post the corresponding bond.
(d) Be registered in the Commercial Registry in the case of partnerships, and in the Department of State in the case of corporations.
History —Apr. 26, 1994, No. 10, § 12, eff. 90 days after Apr. 26, 1994.