A Real Estate License (RES) is a document from the Office of the Secretary of State that serves as proof that you have met all of the requirements of the law in order to conduct business. Each state has different rules and regulations associated with Real Estate licensing. In some states you need to be a minimum age of 18 to get your license, while other states have even stricter requirements. Once you have obtained your license, you are not required to renew it. Although most states require you to show proof of training or education every year, many states don’t; which means that if you plan on continuing to be an agent and wish to keep your current licenses active, it’s a good idea to make sure that you are in fact meeting the state requirements.
Most real estate agents think that once they get their licenses they are done with it. However, there is often time limits put on real estate licensing, and if you are approaching the expiration date on your license you can be in violation of the law if you haven’t renewed it. You can be penalized for this violation by a fine, and in some states you can even be suspended from practice. In order to avoid suspension, it’s often a good idea to hire an attorney to help you with renewing your license, as it can be tricky to do on your own.
As previously mentioned, many states require that agents to renew their licenses annually. For those that do not, there are other ways you can get a license to remain active. If you want to work in another state after you receive a license in California, you can submit an application and request that your license be accepted at a new location. In this case, you’ll have to start all over again, but your license will remain active. Some real estate agents have a hard time with this option, but if you are working with a great firm and know that it’s going to be difficult for them to locate an appropriate office in your new state, you can ask to be transferred to a temporary license while yours is being processed. This gives you the opportunity to find an appropriate permanent location, while your license is under review.
As stated above, you can be penalized for violating your state’s real estate laws if you fail to renew your license on or before the expiration date. You could be required to pay a fine, appear in court, or take other corrective action. If you have children, they might need to go into daycare while you’re dealing with the problem. It’s best to avoid these complications by always making sure that your license is current.
Can my real estate agent license expire? There are a few instances where agents are required to reapply for reinstatement after a certain period of time. For example, if they fail to complete all required education requirements, they aren’t permitted to represent the seller until they complete the courses. The same is true if they’ve represented the buyer or lender and then run afoul of state law by performing work on a property they’re prohibited from representing.
Can my real estate agent reinstate their license after being suspended? Not everyone is familiar with this provision of real estate law. Most states allow a real estate agent to be reappointed after suspension if certain requirements have been met. Reinstatement is also possible if the agent or his or her brokerage has already closed down. In this case, the broker can petition the courts to have their license reinstated.
Is there a legal way to renew a real estate license? Some states allow real estate agents to apply for a renewal of their license on their own. Others require that the real estate agent have an existing license, proving their ability to trade successfully, and meet other licensing requirements. Even when it’s possible to apply for renewal, it’s strongly recommended that you hire a licensed real estate agent to represent you.