Subject to subsection (b) of this section, if a licensed real estate broker is terminated by a business for any reason, the business may designate another individual who is a licensed real estate broker to provide real estate brokerage services for the business. If the license certificate and pocket card of a terminated real estate broker are surrendered to the Commission, the Commission shall approve the designation under subsection (a) of this section in accordance with all applicable laws and regulations. If the license certificate and pocket card of a terminated real estate broker are not surrendered to the Commission, the Commission shall approve the designation under subsection (a) of this section only if: the designated licensed real estate broker is in good standing with the Commission; the business notifies the Commission of the reason for the termination of the real estate broker; and the designation of the licensed real estate broker complies with all applicable laws and regulations. A licensed real estate broker who has been designated by a business under subsection (a) of this section is subject to all of the applicable provisions of this title that relate to real estate brokers.