WILLIAM DONALD SCHAEFER, Governor Ch. 563

Subsection (i)(5) of this section is new language
derived without substantive change from former Art.
56, § 220.

Subsection (j) of this section is new language derived
without substantive change from the first sentence of
former Art. 56, § 221(a), as it required the
Commission to issue an appropriate license to a
qualified individual.

Subsection (k) of this section is new language derived
without substantive change from former Art. 56, §
221(c), as it related to the requirement that the
Commission issue a license certificate and pocket card
to each licensee.

In this section, the express references to an
"associate real estate broker" are included in
conformity with provisions added throughout this title
to provide a licensing scheme for associate real
estate broker.

Defined terms: "Affiliate" § 4-101
"Associate real estate broker" § 4-101
"Commission" § 4-101 "License" § 4-101
"Licensed associate real estate broker" § 4-101
"Licensed real estate broker" § 4-101
"Licensed real estate salesperson" § 4-101
"Real estate broker" § 4-101
"Real estate salesperson" § 4-101

4-314. TERM AND RENEWAL OF LICENSES.

(A)  TERM OF REAL ESTATE BROKER LICENSE.

UNLESS A REAL ESTATE BROKER LICENSE IS RENEWED FOR A 2-YEAR
TERM AS PROVIDED IN THIS SECTION, A REAL ESTATE BROKER LICENSE
EXPIRES ON THE FIRST MARCH 1 THAT COMES:

(1)  AFTER THE EFFECTIVE DATE OF THE LICENSE; AND

(2)  IN AN EVEN-NUMBERED YEAR.

(B)  TERM OF ASSOCIATE REAL ESTATE BROKER LICENSE AND REAL
ESTATE SALESPERSON LICENSE.

UNLESS AN ASSOCIATE REAL ESTATE BROKER OR REAL ESTATE
SALESPERSON LICENSE IS RENEWED FOR A 2-YEAR TERM AS PROVIDED IN
THIS SECTION, AN ASSOCIATE REAL ESTATE BROKER OR REAL ESTATE
SALESPERSON LICENSE EXPIRES ON THE FIRST APRIL 30 THAT COMES:

(1) AFTER THE EFFECTIVE DATE OF THE LICENSE; AND

- 3797 -