(a) All licenses issued under the provisions of this chapter shall expire on December 31st of the year in which issued. Thereafter, such licenses shall be renewed annually, by payment of the prescribed fee, as a condition to engaging in the real estate business as a real estate broker or sales associate. The renewal application must include proof that the licensee has met continuing education requirements prescribed by the Commission’s regulations.
(b) A licensee who fails to renew the license annually in the month immediately following the month of expiration, may not conduct any real estate business until reinstatement of the license. The license may be reinstated during the first 12 months immediately following the date the license became invalid by payment of any penalty or reinstatement fees established by the Commission, in addition to the renewal fee.
(c) A licensee who fails to reinstate a license during the first 12 months immediately following the date the license became invalid, prior to resuming any business under the license, shall submit an application on the prescribed form and meet all other requirements for licensure.
(d) A person may not engage in a professional practice governed by this chapter without a valid license.