Any licensee desiring the renewal of a license in good standing shall apply for the same in writing upon a form approved by the Board during the month Or June and forward the required fee of $10.00. Any person who engages in the business of real estate broker or real estate salesman while his license is lapsed will be subject to the penalties prescribed in the Act.

RULE NO. 11

A Salesman's license is valid only while he is associated with or engaged by a broker. Upon termination of such association, the broker shall immediately endorse the back of the salesman's license, showing date of termination, and return some to the Board for cancellation or transfer. The salesman concerned may have his license re-issued and transferred to a new broker by filing a prescribed transfer form with $1.00 duplicate license fee