License Law/Rules Days and Dates

License Law and Rules

72 hours
- Return licenses or timeshare registrations to the Commission when revoked or suspended.

3 days
- Lessees are required to vacate the property after an eviction suit is filed.
5 Days
- The timeframe given to carry out an eviction once it has been initiated.

Notify the Commission regarding various significant actions:
- Designation of a branch office manager.
- Transfer of escrow funds to an acquiring brokerage agency.

Requirement to provide copies of rejected offers or counteroffers:
- All parties involved in a real estate transaction must receive copies of any rejected offers or counteroffers.
- The cooperating listing broker must also provide copies of rejected offers or counteroffers to the cooperating selling broker.

The sponsoring broker of the acquiring agency must provide written notice to all licensees transferred to the acquiring agency:
- This communication must occur within five working days following the date of acquisition.
Additionally, the sponsoring brokers of the acquired agency must:
- Notify the Commission within five working days following the transfer of funds.

In cases where a corporation, limited liability company, or partnership undergoes dissolution:
- Must notify the Commission within five calendar days.
- This notification must be accompanied by the termination notice for the broker license.
If there is a merger or consolidation with another entity:
- The Commission must also be notified within five calendar days of the effective date.

The terminating party must submit a form to the Commission:
- This is required within five calendar days of any termination of an associate broker or salesperson's sponsorship.
Upon termination of the designated qualifying broker:
- The outgoing qualifying broker must notify all sponsored licensees within five calendar days of the termination.
- Communication should include the effective date of the termination and must be sent by certified or registered mail.
Notification is also necessary for:
- The new qualifying broker's association with any legal entities like partnerships, limited liability companies, associations, or corporations.
- Sponsored licensees must be informed timely about the change in the designation of a qualifying broker.

Provide all parties to a transaction with a final copy of the completed document bearing all signatures.
In the event of the death or physical or mental incapacity of a qualifying broker, the commission shall be immediately notified, and the licensed corporation, limited liability company, or partnership shall appoint a new qualifying broker within five days.

Report change of mailing address, physical address, email address or primary phone number to the Commission.
Notify the Commission of the rendering of a final judgment or institution of criminal proceedings against the licensee by a court when the subject matter involves a real estate transaction in which he was acting as a licensee, registrant, or certificate holder.
Final conviction of licensee for forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud, theft, or any other felony, or any crime involving moral turpitude.
Notify the Commission of the institution of bankruptcy proceedings.
Notice to terminate in a month-to-month lease.
To disburse funds in escrow, but 10 days after broker has notified all parties and licensees in writing.
Close the escrow accounts and trust accounts from which funds were transferred.
Notify the commission within 10 days by registered or certified mail or hand delivery of any sanction imposed by another jurisdiction.

Following the date of acquisition of an agency, the sponsoring or qualifying broker must notify the Commission of the status of all licensees formerly sponsored by the acquired agency.

To file a petition for Judicial Review with 19th Judicial Court.
Unless otherwise agreed by the parties, the right of first refusal must be exercised within 30 days and may not be granted for more than 10 years.
Deposits shall be disbursed within 30 days of an agreement between the principles in a real estate transaction.

Should the lessee furnish an advance deposit to secure any party of the lease, the lessor must return it upon termination of the lease within one (1) month, less any amount required to remedy a default or unreasonable wear to the premises.

No transfer fee or delinquent fee charged when transferring or changing status within 60 days of:
1. Death of sponsoring broker
2. Sponsoring broker fails to renew license
3. Sponsoring broker's license suspended or revoked
4. Sponsoring broker transfers to inactive
5. Sponsoring broker elects to discontinue sponsoring licensee
File mechanic's liens after last work done.
When a dispute exists regarding ownership of escrow funds, broker to disburse escrow funds upon written and mutual consent of all parties, or upon a reasonable interpretation of the contract.

The Affidavit of Sponsorship Form (Part B) may be submitted with the initial license application, but no later than 90 days after passing the license examination.
Within 90 days of the scheduled closing date or knowledge that a dispute exists, whichever occurs first, the broker shall do one of the following:
1. Disburse the funds upon the written and mutual consent of all parties involved;
2. Disburse the funds upon a reasonable interpretation of the contract that authorizes the broker to hold the funds. Disbursement may not occur until 10 days after the broker has sent written notice to all parties and licensees;
3. Place the funds into the registry of any court of competent jurisdiction and proper venue through a concursus proceeding;
4. Disburse the funds upon the order of a court of competent jurisdiction.

New licensees to complete forty-five post-license education hours within one hundred eighty days after the initial license date.
Make application to recovery fund.

Renew license by September 30th.
If an applicant fails to achieve a passing score on both portions of the state exam, they have one year in which to pass both portions without reapplying for a license.
The commission shall issue an examination authorization to each eligible applicant. The examination authorization shall be valid for one examination and shall expire one year after the date it is issued.

September 30
- License Renewal deadline
October 1 - November 15
- Delinquent license renewal – $50 late fee
November 16 - December 31
- Final deadline for license renewal – $200 late fee