License Renewals, Certificate Requirements, and Practices by a License Holder

Question 1

Subchapter J addresses _

Answer 1

All of the license renewal requirements and procedures

Question 2

What topics does Subchapter J cover?

Answer 2

• License Expiration and Renewal
• Info Required for License Renewal
• Criminal History Record Info for Renewal
• Additional Renewal Requirements for Business Entities
• Salesperson License Renewal
• Continuing Education Requirements and Exemptions

Question 3

Sec. 1101.451. License Expiration and Renewal outlines _

Answer 3

All the rules for renewing a license

Question 4

List the rules for renewing a license

Answer 4

• The commission may issue or renew a license for a period not to exceed 24 months
• A person whose license has been expired for 90 days or less may renew the license by paying to the commission for a fee equal to 1-1/2 times the required renewal fee
• If a license has been expired for more than 90 days but less than 6 months, the person may renew the license by paying to the commission a fee equal to 2 times the required renewal fee
• If a person’s license has been expired for 2 years or longer, the person may not renew the license

Question 5

Sec. 1101.453. Additional Renewal Requirements for Business Entities states that to renew a license under this chapter a _

Answer 5

Business entity must designate one of its managing officers as its agents and provide proof that the entity maintains errors and omissions insurance with a minimum annual limit of $1 million for each occurrence if the designated agent owns less than 10% of the business entity

Question 6

Subchapter K deals with the rules for _

Answer 6

“Right-of-way” agents.

Question 7

What is a right-of-way agent?

Answer 7

Is one who sells, buys, leases, or transfers an easement or other right-of-way for another person and is compensated for doing so

Question 8

What topics does Subchapter K cover?

Answer 8

• Certificate Required
• Eligibility Requirements for Certificate
• Issuance of Certificate
• Certificate Expiration
• Display of Certificate

Question 9

Subchapter L deals with how a broker is _

Answer 9

Required to maintain his or her physical office address. It also covers title notice, property disclosure, and agency relationships