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License Law Amendment Shortens Fee-Only Reinstatement Period

A recent amendment to the Real Estate License Law has shortened the period of time within which, by merely paying a fee, you may reinstate an expired license.  Now, if you fail to renew your license by June 30 of any year, you only have until the following December 31 (i.e., six months) to reinstate it merely by paying the prescribed fee.

The new reinstatement fee is $55 regardless of how long your license has been expired (whether one day, one year, three years, etc.).

If you fail to reinstate your license within this six-month period, the Commission may consider you as never having been licensed and, therefore, subject you to the requirements for original licensure–including the license examination. Accordingly, the Commission has adopted the following guidelines:

If your license has been expired for more than six months but not more than three years, you must either (1) pass the current license examination; or (2) complete the 67-hour Salesperson Prelicense Course within one year before applying to reinstate a salesperson license (or the 60-hour Broker Prelicense Course to reinstate a broker license); or (3) possess an active real estate license in another state (a broker license to reinstate a North Carolina broker license).

If your license has been expired for more than three years, you must satisfy all prelicense education and examination requirements unless you hold a real estate license in another state (a broker license to reinstate a North Carolina broker license).

Most persons who allow their licenses to expire simply forget to renew them on time.  Others think that licenses on inactive status do not require renewal each year. And still others change real estate firms and/or their residence addresses without notifying the Commission.  If you place your license on inactive status, you must renew it each year and pay the renewal fee to preserve the right to activate it later (after making up any continuing education deficit).  Also, be careful to notify the Commission promptly of any business or residence address change so you will receive your renewal notice. Otherwise, you may find yourself having to repeat a prelicense course and/or retake the license examination.

This article came from the February 2003-Vol33-3 edition of the bulletin.