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

1
Q

Subchapter J addresses _

A

All of the license renewal requirements and procedures

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2
Q

What topics does Subchapter J cover?

A
  • 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
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3
Q

Sec. 1101.451. License Expiration and Renewal outlines _

A

All the rules for renewing a license

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4
Q

List the rules for renewing a license

A
  • 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
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5
Q

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

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

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6
Q

Subchapter K deals with the rules for _

A

“Right-of-way” agents.

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7
Q

What is a right-of-way agent?

A

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

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8
Q

What topics does Subchapter K cover?

A
  • Certificate Required
  • Eligibility Requirements for Certificate
  • Issuance of Certificate
  • Certificate Expiration
  • Display of Certificate
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9
Q

Subchapter L deals with how a broker is _

A

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

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