Flashcards in 4. Licensing requirements Deck (11)
Why must one need to be licensed as an either an agent or broker?
To trade in real estate in any way.
There are exemptions to the licensing requirement, what are these?
1. An assignee, custodian, liquidator, receiver, trustee, or other person acting as directed by an Act or under the order of a court, or an administrator of a state, or any executor or trustee selling under the terms of a will, settlement or trust, or.
2. A person who
- Acquires real estate in his own name
- Disposes of real estate own by him or in which he has a substantial interest,
3. Is an official or employee of a person engaged in so acquiring or disposing of real estate in the name of that person
What three conditions do you need to be eligible for a real estate licnese?
1. Over the age of 18
2. Be either Bermudian or eligible to work in Bermuda
3. Be a fit and proper person
An applicant for the grant of a license is made to who?
The Superintendent of Real Estate
The applicant for a license or renewal of a license shall provide what to be considered?
An address for service in Bermuda
What date do real estate licenses lapse?
Renewals for licenses must be made on what date?
When an agent transfers employment from one broker to another, what action must be taken?
Both brokers must notify the Superintendent in writing. The broker that the agent is leaving must return the agent's license within two business days to the Superintendent together with a written statement as to why the agent has left the broker.
What happens when a broker's license is revoked?
That broker shall return his license AND the licenses of his agents to the Superintendent within 2 days.
What happens when an agent's license is revoked?
The employing broker must return that agent's license to the Superintendent within 2 days.