Chapter 3 Flashcards
Cancelled
Status of a broker’s registration if a broker’s sole broker of record dies, resigns, or is otherwise removed as a broker of record, and no replacement broker is designated with in 14 days.
Cease to be in force
Status occurs when a broker fails to notify the DRE of a business change of address within 10 days, or when a licensed associate changes brokers (or owner developers) and does not notify the DRE within 10 days.
Group license
License issued to sales associate and broker associates when there is proof that ownership or control of various properties is substantially held by the same individual(s), although the properties are owned in the name of different interlocking or affiliated entities
Active
A sales associate license is active (also known as active and current) when it is registered with a broker and the license is not delinquent with their education or renewal
Involuntary Inactive
License status when the licensee fails to timely renew; Also applies to a licensed associate when their employing brokerage is cancelled; Also applies if a licensed associate is registered with a brokerage partnership that is in dispute
Multiple License
Additional license (s) issued to a broker when necessary for the conduct of brokerage business
Null and Void
Applies after a license declared expired after two years of involuntary inactive status due to failure to renew; Also applies when a licensee fails to timely complete the post-license education course
Revoked
A disciplinary sanction issued by FREC the permanently prevents a licensee from performing real estate for compensation
Suspension
A disciplinary sanction issued by FREC that prevents a licensee from performing real estate services for compensation for a maximum of 10 years
Voluntary Inactive
A sales associate’s license is Voluntary Inactive when it is not currently registered with a broker (unemployed), and the licensee if not delinquent with their education or renewal requirements
