(1) Every person, partnership, association or corporation licensed as a real estate broker shall be required to have and maintain a definite place of business, which shall be a room either in his or her home or an office elsewhere, to be used for the transaction of real estate business, or such business and any allied business. The certificate of registration as broker and the certificate of each real estate salesperson employed by such broker shall be prominently displayed in said office. The said place of business shall be designated in the license. In case of removal from the designated address, the licensee shall make application to the commission before removal, or within ten (10) days after removal, designating the new location of such office, whereupon the commission shall forthwith issue a new license for the new location for the unexpired period.
(2) All licenses issued to a real estate salesperson or broker-salesperson shall designate the principal broker of such salesperson or broker-salesperson. Prompt notice in writing, within three (3) days, shall be given to the commission by any real estate licensee of a change of principal broker, and of the name of the principal broker into whose agency the salesperson is about to enter; and a new license shall thereupon be issued by the commission to such licensee for the unexpired term of the original license upon the acknowledgment to the commission by the current principal broker of the change in the license previously issued. The change of principal broker or employment by any licensed real estate licensee without notice to the commission as required shall automatically cancel his or her license. Upon termination of a licensee’s agency, the principal broker shall within three (3) days acknowledge the transfer of the licensee so that a new license may be issued. It shall be unlawful for any real estate licensee to perform any of the acts contemplated by this chapter either directly or indirectly after his or her agency has been terminated and until his or her license has been reissued by the commission.