Leasing License Practice Exam

What must a licensee do upon the renewal of their leasing license?

1. Submit a new application

2. Pay the renewal fee and indicate CE requirement status

3. Pass a refresher course

4. Obtain a new bonding certification

The correct answer is: Pay the renewal fee and indicate CE requirement status

Upon renewal of their leasing license, a licensee must pay the renewal fee and indicate the status of their continuing education (CE) requirements. This is a crucial step as it ensures that the licensee remains compliant with the regulations governing their profession. Continuing education helps maintain the licensee's knowledge and skills relevant to the leasing industry, which is essential in providing up-to-date information and services to clients. The renewal process typically does not require submitting a new application, as the initial application was submitted at the outset of licensure. Additionally, while refresher courses may be beneficial for professional development, they are not usually mandated for renewal; instead, completion of required CE hours suffices. Obtaining new bonding certification is also not a common requirement for license renewal, as bonding is generally a prerequisite for initial licensure or for specific types of transactions rather than a recurring necessity. Thus, paying the renewal fee and confirming CE compliance is the primary responsibility for license renewal.