License Law/Rules Days and Dates

These flashcards cover key points regarding the timing and notification requirements as outlined in the license laws and regulations.

What is the time frame for returning licenses or timeshare registrations to the Commission when revoked or suspended?

72 hours

How many days do lessees have to vacate after an eviction suit is filed?

3 days

What is the time given to evict after a formal process is initiated?

5 days

When must a commission be notified of the designation of a branch office manager?

Within 5 calendar days

What must be provided to all parties in a real estate transaction regarding offers?

Copies of rejected offers or counteroffers

Who must provide copies of rejected offers to the cooperating selling broker?

The cooperating listing broker

How soon must the sponsoring broker notify licensees of a transfer after acquisition?

Within five working days

What is the notification requirement for a corporation or partnership upon dissolution?

Notify the commission within five calendar days

When does a corporation or partnership need to notify the commission after a merger?

Within five calendar days following the effective date of the merger

What is the requirement when the sponsorship of an associate broker or salesperson is terminated?

Submit a form attesting to the termination within five calendar days

When a qualifying broker is terminated, what must the outgoing broker do?

Notify all sponsored licensees within five calendar days by certified or registered mail

What notification is required when a new qualifying broker is associated with a partnership or corporation?

Notify the Commission of the new association

What must be done regarding changes in the designation of a qualifying broker?

Notify sponsored licensees of the change