The loss of your real estate license can have a direct effect on you. In many states, if you obtain an active license, you can operate a house for a period of six months before the expiration of your license. This six month period of operating a house is called a moratorium period.
The license moratorium is the duration of time in which you can operate a house without the potential danger of being involved in an accident while driving. With this license, you are able to continue to live in your house and use the house for residential purposes without facing legal problems.
Before you apply for your license, you need to have had a license for three months. During this time, you should not have served jail time for an offense that involves driving and/or driving with a suspended license. If you have, you must give one year’s probation to the county in which you obtained your license or face a fine.
If you believe that your real estate license has expired, you need to contact the Department of Consumer Affairs in your state. They will verify the date on which your license was issued and will check the database to ensure that your license is still valid. If your license is valid, they will then check with the New Jersey Real Estate Commission to determine if you are in fact still eligible to obtain your license.
Once you have applied for your real estate license, you can operate the house as you did before the license expired. You will have to adhere to all state regulations regarding operating the house. You should also bear in mind that the state will keep a record of all phone calls that you make to notify them that your license has expired.
After you get your license, you need to give it a few weeks to rest. During this time, you are unable to operate the house under any circumstances. To renew your license, you need to complete an application for renewal and submit it to the state.
It is possible that your license is still valid and will expire within the next few months. Should you find out that your license has expired, you need to call the Department of Consumer Affairs in your state and confirm this. In addition, you can also check with the New Jersey Real Estate Commission to see if your license has been renewed.
If you renew your real estate license, you will need to spend one extra year living in your house before your license expires. This extra year will be sufficient to complete the requirements of a moratorium period. Your license will only expire after you have passed all the requirements for the mandatory license review and of the licensing of the current license holder.
During the licensing of your license, you will be sent a notice requesting a review of your license. You will be required to respond to this notice within thirty days.
If you do not respond to the review, your license will be terminated. You may also be fined if you fail to do so. However, there are some circumstances in which you are exempt from the fines for failing to respond to the review of your license.
Should you choose to renew your license at this point, you must provide the renewal notice to the state within thirty days of the last date that you checked with them. Failure to do so could result in your license being terminated.