UNIT 4: LICENSE ADMINISTRATION AND RENEWAL

To maintain a license, there are requirements concerning:

-Errors and Omissions insurance -License display -Sign display -Notification of change of status, name or address

An expired license may be reinstated without examination if

-provides proof of compliance with prerequisites or conditions -pays any penalty fee arising from the failure to comply -pays an additional penalty fee

License administration means

-setting requirements for maintaining and renewing one's license, depending on its status -setting the status of a license

the penalty fee for reinstating an expired license cannot be more that ________ per month

100$

An additional penalty of one hundred fifty dollars per month for a period over _______days but less than a year, plus attendance at a Commission meeting In lieu of a meeting, the licensee may pay a civil penalty of ____________$

120days, $1500

Every two years, for renewal of an affiliate broker's license originally issued on or after July 1, 1980, the affiliate broker must satisfactorily complete _________ classroom hours in real estate courses at any school, college, or university approved by the Commission

16

Every ____ years, beginning with the license period immediately after the one in which the licensee completes the one hundred twenty hours of education, the holder of a broker's license originally issued after ____________, must satisfactorily complete _________ classroom hours in real estate courses at any school, college, or university approved by the Commission

2, January 1 2005, 16

Within ____ years from the date of issuance of an original broker's license, (for renewal), the broker must satisfactorily complete an additional ____________ classroom hours in real estate at any school, college, or university approved by the Commission

3,120

Failure to meet the deadline will prevent renewal until the necessary items are received, plus A penalty of not more than ___________ per ________ for which the materials are delayed during the period between 60 and 120 days.

50$ Month

To reissue a revoked license _____ members of the Commission vote to reissue it

6

(T/F) A broker may have his or her license revoked or suspended on account of any affiliated broker's violation of the Real Estate Licensing Act

False

(T/F) An Affiliate broker must display a sign at their Brokers office

False

(T/F) An affiliate broker will receive continuing education credit for classroom hours completed prior to licensure, or during a prior license period

False

Topics for continuing ed

Investment Real Estate License Law and Rules Property Management Taxation of Real Estate Transaction Closing and Settlement Procedures

The Commission will notify the licensee of the need to submit fees and documentation for renewal of a licenseat least _____ months before the due date

Six

(T/F) A license cannot be renewed unless proof of coverage is provided

True

A competent court may revoke a license if a party obtains

a judgment or decree from the court showing that the party has been injured by a licensee's actions as a licensed real estate professional

Temporary retirement is only permitted if?

all educational requirements have been completed

No one with a suspended or revoked license may engage in

any activity requiring licensure

Late fees for renewal of license are not assessed if failure to meet the deadline is

due to personal or family health issues, documented by a doctor's statement.

The Commission may refuse to issue a license, or it may suspend or revoke a license, if it is found that is guilty of any of the "prohibited acts" outlined in the

licensing act

Licensed principal brokers must display a sign, in compliance with ________________, outside the broker's office stating clearly that the broker is engaged in the real estate business

local ordinances

The necessary documentation shows fulfillment of the education requirements and

proof of Errors and Omissions insurance coverage.

On receipt of a verified complaint in writing charging a licensee with a violation of the Act, the Commission may investigate the facts and hold a hearing for revocation of a license or

reprimand

If the Commission revokes or suspends a license, any school or instructor approval, which the licensee holds, is

revoked

A Tennessee licensee who holds a nonresident license issued in another state must file copies of the license with the principal broker and

the Commission

A Licensed real estate firm must conspicuously display on the outside of the firm's place of business a sign which contains the .

the name of the real estate firm.

An expired license may be reinstated without examination within ______ days after the expiration date if the licensee

60

Failure to meet the deadline will prevent renewal until the necessary items are received, plus:

A signed Consent Order agreeing to comply with requirements.

Licensees do not have the option of obtaining insurance independently

False

Only the license of a broker must be prominently displayed in the broker's principal place of business,it is not required for affiliate brokers to display license

False

Topics for continuing ed

Land Use, Planning and Zoning Time-shares Type of Property Fair Housing Antitrust Ethics in Real Estate Professional Liability

A licensee may temporarily retire his or her individual or firm license by paying the fee for change of status and

Making a written request

All required documentation and fees must be received by the Commission no later than _______ days before the expiration date

Sixty

Who determines the required coverage for errors and omissions?

The Commission

who may add or delete any subject by means of reasonable written notice to the course sponsor and/or instructor

The Commission

(T/F) If the Commission is unable to obtain coverage the requirement for errors and omission insurance is void

True

(T/F) No retired licensee may engage in any act requiring licensure

True

(T/F) Persons who hold firm licenses have the option of carrying firm insurance in addition to the policies for individuals in the firm.

True

(T/F) The name displayed by a real estate firm must be the name of the firm as registered with the Commission

True

(T/F) The retiree is responsible for advising the Commission of the retiree's current mailing address

True

(T/F)In inactive status, the broker or affiliate broker remains subject to the educational requirements for renewal

True

(T/F)No licensee may not post signs on any property advertising themselves as real estate agents unless the firm's name appears on the sign in letters equal to or larger than the size of the licensee's name

True

(T/F)The Commission may, as a disciplinary action, order a broker's license to be downgraded to "affiliate broker" status

True

A broker may not post his or her license at a telephone answering service or conduct the major part of his or her real estate business through an answering service

True

If the inactive licensee wishes to remain inactive for any portion of a subsequent license renewal period, the licensee must pay the required renewal fee prior to the license expiration date

True

Topics for continuing ed

Valuation of Real Estate Construction-Property condition, energy Contracts Agency Financing Real Estate

A retired, inactive, or downgraded license may be reactivated if the license was revoked, suspended or downgraded while the license was retired or in inactive status if it was to to:

educational requirements were not completed within the required time

A licensee who is ineligible for temporary retirement of the license (because of educational requirements) may have the license placed in "inactive" status by

making a written request with the proper form, accompanied by the license, and the change of status fee.

Likewise, if a licensee surrenders a real estate license, any school or instructor approval, which the licensee holds, is

revoked

an inactive or retired licensee in accordance with all requirements for licensure may reactivate a license by

submitting the proper form and paying the fee for a change of status.

The holder of a valid broker's license may exchange the broker's license for an affiliate broker's license by?

submitting written request to the Commission

If the Commission finds that license has been obtained by false representation or by fraudulent act or conduct, it may

suspend or revoke a license

the license status is automatically changed from inactive to retired when

the licensee provides proof of completion of continuing education sufficient to meet the licensee's current requirements

Educational requirements for reactivating a retired, inactive or downgraded must be completed within _____yrs of said actions

two

setting the status of a license regulates

what the licensee may, may not, and must do

If the licensee signs the Consent Order and fails to complete the requirements, a civil penalty of $____________ is assessed.

$2500

If the licensee signs the Consent Order and fails to complete the requirements

$2500

For licenses expired for more than a year, the licensee must

-reapply for licensure, -meet educational requirements, and pass all required examinations, or -appear with their principal broker before the Commission to request a waiver of reexamination

All licenses expire 2 years from the date the license was issued or renewed unless

-the licensee makes timely payment of a renewal or retirement fee -and complies with any prerequisite or condition to licensure or renewal

a licensee desiring reinstatement after 60 days must reapply for licensure unless the Commission

-waives reexamination or additional education requirements for the applicant, or -reinstates the license subject to the applicant's compliance with other conditions the commission may prescribe, including payment of a penalty fee, in addition to the penalty fee for reinstatement within the sixty-day period

(T/F) If a licensed principle broker works from an office in his or her home, they do not have to display signage

False

(T/F) If the retiree wishes to remain in retirement for any portion of a subsequent license renewal period, the retiree doesn't have to pay the required renewal fee prior to the license expiration date

False

(T/F) coverage is required for a licensee whose license is in retired or inactive status

False

(T/F)A licensee in inactive status may perform selected duties requiring licensure

False