Frequently Asked Questions

Licensing

  • Can I apply for a real estate license if I have a felony conviction?

  • If I am currently serving probation, diversion or a suspended imposition of sentence, can I apply for a real estate license?

  • Is a DUI, DWI or OWI considered a criminal offense and does it need to be reported?

  • Does an individual have to report a conviction if they have received an order of expungement or a pardon?

  • Does an individual need to divulge criminal activity if it occurred when a minor?

  • What factors does the Commission consider when determining whether to grant a license to an applicant who has a criminal offense?

  • What do I need to submit with may application if I have reported a criminal conviction, diversion or suspended imposition of sentence?

  • Can I submit letters of recommendation/reference?

  • Where do I obtain court documents?

  • What court documents must I obtain?

Companies

Licensee or Company Changes

Brokerage Relationships in Real Estate Transactions Act (BRRETA)

Advertising

Trust Accounts

  • What is an escrow or trust account?

  • Is a broker required to have a trust account?

  • How do I get approval for a trust account from the Commission?

  • How do I report the closure of my trust account to the Commisson?

  • Where may a broker establish a trust account?

  • May I have an interest bearing trust account for earnest money and security deposits?

  • When should funds be deposited in a trust account?

  • Is it permissible to keep extra funds in a trust account?

  • What kind of record keeping do I need for a trust account?

  • How do I get approval from the Commission not to maintain a trust account?

Audit By Mail

  • What documents must a broker maintain as a part of the brokerage records?

  • How long do I have to keep transaction files?

  • What is the purpose of an audit?

  • How will I be contacted if I am selected for the Audit by Mail program?

  • Is it acceptable to send requested items to the auditor by email?

  • How would the Commission prefer the transaction files be sorted if sent by email to the auditor?

  • If violations are found, will the auditor tell me how much I will be fined?

  • How soon after the audit is complete will I receive the official results?

  • What if I do not agree with the auditor's findings?