4. Licensing requirements

Question 1

Why must one need to be licensed as an either an agent or broker?

Answer 1

To trade in real estate in any way.

Question 2

There are exemptions to the licensing requirement, what are these?

Answer 2

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

Question 3

What three conditions do you need to be eligible for a real estate licnese?

Answer 3

1. Over the age of 18
2. Be either Bermudian or eligible to work in Bermuda
3. Be a fit and proper person

Question 4

An applicant for the grant of a license is made to who?

Answer 4

The Superintendent of Real Estate

Question 5

The applicant for a license or renewal of a license shall provide what to be considered?

Answer 5

An address for service in Bermuda

Question 6

What date do real estate licenses lapse?

Answer 6

September 30th

Question 7

Renewals for licenses must be made on what date?

Answer 7

September 20th

Question 8

When an agent transfers employment from one broker to another, what action must be taken?

Answer 8

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.

Question 9

What happens when a broker’s license is revoked?

Answer 9

That broker shall return his license AND the licenses of his agents to the Superintendent within 2 days.

Question 10

What happens when an agent’s license is revoked?

Answer 10

The employing broker must return that agent’s license to the Superintendent within 2 days.

Question 11

What happens if an agent’s employment is terminated?

Answer 11

The associated broker must return the license to the Superintendent along with a written statement of circumstances of the termination within 2 days.