License Renewals, Certificate Requirements, and Practices by a License Holder Flashcards
Subchapter J addresses _
All of the license renewal requirements and procedures
What topics does Subchapter J cover?
- 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
Sec. 1101.451. License Expiration and Renewal outlines _
All the rules for renewing a license
List the rules for renewing a license
- 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
Sec. 1101.453. Additional Renewal Requirements for Business Entities states that to renew a license under this chapter a _
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
Subchapter K deals with the rules for _
“Right-of-way” agents.
What is a right-of-way agent?
Is one who sells, buys, leases, or transfers an easement or other right-of-way for another person and is compensated for doing so
What topics does Subchapter K cover?
- Certificate Required
- Eligibility Requirements for Certificate
- Issuance of Certificate
- Certificate Expiration
- Display of Certificate
Subchapter L deals with how a broker is _
Required to maintain his or her physical office address. It also covers title notice, property disclosure, and agency relationships