Disclosure Update

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3. Disclosure Update:

Provisional License Changes Effective 1 August 2001 & 1 November 2006

Ø      The 45 hour license requirement increases to 90 hours on 1 November 2006.

Ø      The real estate license exam fee is now $60.

Ø      The cost to take the exam on paper, instead of computer,   is $80.

Ø      A provisional license is now issued for just 1 year.

Ø      The fee for the license is: $75.

This year includes the month of issue. You are considered licensed the entire month you get your license, even if it is issued on the 30^th of the month. For example: if your provisional license were issued on 30 September 2001, your license would expire on 31 August 2002. So, in effect, you would only be getting 11 months before your license expires.

A Provisional Licensee must complete the 45-hour Post-License course within the 12-month license term and provide proof of completion of such education BEFORE license expiration. Important: there is no “grace period”. Plan ahead.

Please Initial____ Important: the Post License course cannot be simply 45 hours of Continuing Education. The Post License school must be approved as such and have a final exam with a passing score of 75%. So, just don’t take a series of Continuing Education and think it will count towards your 45-hour post requirement. It will not!

A Provisional Licensee may not begin taking such course until the Commission has ISSUED their Provisional Sales Associate license. After ISSUANCE of the license, the licensee will have twelve (12) months, INCLUDING the month of issuance to complete the required education. So, in effect, you would only be getting 11 months to complete the 45-hour Post License course.

You must wait until your provisional license expires to be upgraded to full sales associate. This is true even though you have finished the Post license course early. You will still have to serve your Provisional license period before becoming a full sales associate.

Your full sales associate license is issued for 36 months, including the month of issue. A sales associate license issued on 9 September 2004, will expire on 31 August 2007. The 3-year license fee for the sales associate is $165 if issued on active status. The 3-year fee is $110 if issued on inactive status.

The fee for taking the Broker’s license exam is $75. A 3-year broker’s license is $225 if issued on active status and $140 if issued on inactive status.

I have read and understand the above Disclosure:

_______________________________________

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Vince Mooney Real Estate School & Seminars

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Last Update: 19 MAR 2006