Current through Register Vol. XLI, No. 50, December 13, 2024
Section 174-1-6 - Qualifications for Broker's License6.1 An applicant for a broker's license shall submit evidence satisfactory to the commission of either: (i) Real estate experience as a licensed real estate salesperson during the two years prior to the date of application showing the applicant's representation of a buyer or seller in a minimum of 10 closed transactions; if the applicant is engaged solely in the leasing or renting of real estate, representation of the landlord or tenant in a minimum of 10 closed transactions of at least one year in duration; or if the applicant is engaged solely in the management of a real estate brokerage company, active involvement in a minimum of 20 closed transactions; or(ii) regardless of the number of years as a licensed salesperson: a minimum of 20 closed transactions; if the applicant is engaged solely in the leasing or renting of real estate, representation of the landlord or tenant in a minimum of 20 closed transactions of at least one year duration; or if the applicant is engaged solely in the management of a real estate brokerage company, active involvement in a minimum of 30 closed transactions. "Closed transaction" means a transaction that resulted in the real estate being conveyed from seller to buyer in which the applicant represented the seller, buyer, or both, or a transaction that resulted in the consummation of a lease of no less than one year in duration in which the applicant represented either the landlord or tenant of the real estate.6.2. Written documentation of experience. -- In order for the Commission to determine the experience of an applicant for a broker's license, the applicant shall submit, on forms prescribed by the Commission, a complete list of all the real estate transactions in which the applicant has been involved. The information submitted must, at a minimum, cover a two-year period prior to the date of application.6.3. Broker Recommendation. -- Each and every responsible broker who has engaged or employed a salesperson applying for a broker's license shall furnish the Commission with an affidavit attesting to the applicant's experience and qualifications. Each such broker shall submit the affidavit on a form prescribed by the Commission. If a former responsible broker is deceased or for other good cause cannot submit the affidavit, the broker applicant may apply for a waiver of this requirement on the form prescribed by the Commission.6.4. Education. An applicant for a broker's license shall submit satisfactory evidence of having completed the following:6.4.1 Applicants for a broker's license shall provide evidence satisfactory to the commission that he or she has completed at least 180 clock-hours, equivalent to 12 college semester credit hours, in a course or courses approved by the commission: Provided, That an applicant for a broker's license who holds a salesperson's license in this state shall be required to provide evidence that he or she has completed an additional 90 clock-hours, equivalent to six college semester hours, in a course or courses approved by the commission.6.4.2. Applicants for a salesperson's license shall provide evidence satisfactory to the commission that he or she has completed 90 clock-hours, equivalent to six college semester credit hours, in a course or courses approved by the commission.6.4.3. Any course required by subsection (a) or (b) of this section shall have been completed during the three-year period preceding the date of application in order to be accepted by the commission.6.5. Examination. An applicant for a broker's license shall pass the examination or examinations provided by the commission.