Real Estate Licenses Expire on June 30, 1982
Applications
Applications for renewal of real estate licenses have been mailed to all brokers, salesmen, and corporations of record. If you have not received your renewal application by June 1, you should contact the Board office for a duplicate form. Since incomplete and incorrectly completed renewal applications cannot be accepted, you are advised to carefully read the instructions on the reverse side of your renewal application and remember to: (1) Make address changes (if necessary); (2) Personally sign your application; (3) Supervising brokers must sign the applications of their salesmen; (4) Principal brokers of corporations must sign the corporation application; and (5) Include your $15.00 renewal fee (add $5.00 late filing fee after June 30, 1982).
Returned Checks
This past year the Board received 91 checks for renewal fees which were returned unpaid due to insufficient funds. Although this represented less than .2% of all renewing licensees, nevertheless the Board considers this to be a very serious matter.
Remember: "Checks given the Board in payment of license fees which are returned unpaid shall be considered cause for license denial, suspension, or revocation" (Board Rule .0507).
Renewal Stickers
Don't be surprised if your renewal pocket card form looks different this year. In addition to your pocket card, you will receive a "renewal sticker." Simply peel the sticker off your pocket card form and stick it on your wall license (or picture glass) at the upper left hand corner (see diagram below). Then sign and remove your pocket card along the perforated lines and keep it in your possession at all times.
By displaying your renewal sticker on your wall license, the Board's Field Representatives and Auditors can more easily verify that you have renewed your license, and it will also serve as a reminder to persons who work in real estate offices when they have forgotten to renew their licenses because their license will be readily distinguishable from those of their fellow workers who have renewed.
Failure to display the renewal sticker on your wall license can result in disciplinary action by the Real Estate Licensing Board
Compensating Unlicensed Persons
In the regular course of real estate transactions, brokerage fees are normally paid to the real estate firm, and then the owner or manager of the firm disburses the fees to their employees or independent contractors who participated in the transaction.
Question: If the real estate license of the employee or independent contractor was expired at the time he performed the act for which he is being compensated, is such person entitled to receive the brokerage fee? And is the broker permitted under the Real Estate License Law to compensate such persons?
The answers in both cases are "NO." It is a violation of the Real Estate License Law to act as a broker or salesman without the required license. And it is a violation of the Real Estate License Law to compensate unlicensed persons for performing acts which require a license.
Caveat: Brokers and salesmen must be extremely careful to renew their real estate licenses in a timely manner. And owners of real estate firms should verify that the licenses of their associates are current before compensating them for performing brokerage services.