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

  • How do I request certification of my license history for another state?

  • I recently changed my name, how can I get my new name on my license?

  • How do I update my contact information with the Commission?

  • Can I work out of my home?

  • Can I use a P.O. Box for my address?

  • How do I place my license on inactive status?

  • How do I re-activate my license?

  • Can I work on an inactive license?

  • How long does my license stay on inactive status?

  • How do I transfer from one company to another?

  • Do I have to sign a transfer or deactivation form when a licensee asks me to, even though the agent owes my company money?

  • How long do I have to wait for my broker to sign a transfer or deactivation form?

  • How do I affiliate my license with more than one company or branch office?

  • How do I remove an affiliation from my license?

  • How do I change my company or branch office name?

  • How do I change my company email address, phone or fax number?

  • How do I open a company or branch office?

  • How do I close a company or branch office?

  • How do I change the responsible broker for my company?

  • How do I change my company or branch office address?

Brokerage Relationships in Real Estate Transactions Act (BRRETA)

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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 a compliance review?

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

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

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

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

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