LICENSE STATUS and The VREB Flashcards
If you do not have a broker who has agreed to employ you as a salesperson
Your license is Inactive
If you have an inactive license
The VREB holds your license till you find a broker to supervise you
If your license is inactive
You are NOT allowed to engage in any real estate activities
If you are sponsored by a broker and your application is approved by the VREB
You have an active license
This means you are ready to get to work as a salesperson under the supervision of your principle broker
You have an active license
You will receive a pocket card providing your status as active
That you must show to anyone who asks
Changing from Active to Inactive
if you are no long employed by a broker
If you are no longer employed by a broker
You must apply to the VREB for a change in status (activce => Inactive)
Actions of former broker when they no longer sponsor you
They send your license to the VREB until you find another broker
To change status from Inactive => Active
Requires an application for change to the VREB
In order to change your status from Inactive to Active
You must be affiliated with a broker
If your license is inactive for greater than 30 days
You must complete all required continuing education courses within 2 years prior to reactivation
If your license is inactive for greater than 3 years
You must meet current prelicensing education requirements
VREB must be made aware of
Your license status change from inactive to active
If you transfer from one broker or brokerage to another
The Vreb must be notified
If your affiliated broker changes its name or address the board must be informed - In Writing
Within 30 Days
Need an active real estate license because they refer prospective clients to their principal broker - who may pay them a fee for their referrel
Referral Agents
Even though referral agents do not list or sell property
The must be affiliated with a broker
These folks must complete all continuing education requirements to keep their license active
Referral Agents
Brokers must display their active _____ at principal place of business
Broker License
PHYSICAL LICENSE
Includes licensee’s photo, name, and business address
Pocket Card
A salesperson or associate broker pocket card can also include
Sponsoring broker’s name and address
Broker must have contact information of all associates at the front desk of the sales office
Roster
Each salesperson’s license
Must be posted in the broker’s office
Any time you need to change info on your license or pocket card
Must submit an application to the VREB with appropriate documentation and fees
