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Broker Mandatory Dates Added Across Louisiana
The broker mandatory course is a unique one-time requirement for all licensed Louisiana real estate brokers. In addition to the normal mandatory continuing education course, Brokers also have a unique broker mandatory course in 2017. This course must be completed in order to renew a broker license for 2018. This one-time requirement is also must be taken in a live classroom format. Online or similar courses will not be allowed for the broker mandatory. Therefore, it is important to locate and complete a broker mandatory course before the typical December 31 license renewal deadline.
The LREC still requires the same 12 hours of continuing education for renewal for all Louisiana licensees. Licensed salespersons can choose to take the broker mandatory course as an elective, but it will not replace the 2017 mandatory course on insurance and contract timelines.
Donaldson Adds Broker Mandatory Sections
In order to better serve our Louisiana broker licensees, we here at Donaldson Real Estate School have committed to schedule and hold as many broker mandatory courses as possible. Since this course is required to be taken live in the classroom, we know that finding an available course and time is important to you.
Therefore, we are happy to announce that several new sessions have been added in various locations around the state. As a result, Donaldson now has available the required broker mandatory course in the following areas:
Click here For a full list of available broker mandatory course sections.
Other Broker Changes and Updates
As we mentioned in a previous post, the LREC has strengthened the fines levied on licensees for advertising violations. In addition, the LREC has put into place strict enforcement guidelines which will result in sponsoring brokers having to match the fines levied on sponsored licensees within their firm.
Licensees with advertising violations will receive a Notice of Violation and a $250.00 fine for first-time infractions. Second infractions will result in a $500.00 fine. Third infractions will result in a $1,000 fine. All subsequent advertising violations will require the agent and sponsoring broker to appear before the Louisiana Real Estate Commission. All fines will be levied against both the agent and their sponsoring broker. Team violations will result in penalties levied against all team members and the sponsoring broker.
License Renewal Refresher
In 2017, as part of the annual continuing education, all brokers and salespersons are required to complete the mandatory course titled, Insurance Awareness and Contract Timelines – 2017 Mandatory. In addition, the LREC is requiring all brokers to complete a separate mandatory course titled, Broker Responsibility – 2017 Broker Mandatory. The 2017 Broker mandatory course must be taken live in a classroom setting.
Once a licensed broker has completed their required 12 hours of continuing education, a license renewal form can then be completed. The fastest method of license renewal is through the LREC’s online license renewal portal, which opens towards the later part of each license year for licensee’s to access and renew their licenses.
A license can also be renewed by traditional paper form, however, the LREC will charge a $10.00 paper fee for any licenses renewed via this method. You can print out a license renewal form from the LREC’s website and either mail it or hand deliver to the LREC by the renewal deadline.
In order to renew, a broker must also provide proof of Errors and Omissions insurance with a carrier rated “A” or better with A.M. Best. Licensees may choose the group policy through the LREC or select an outside carrier.
Finally, whether a licensed broker renews online or via paper renewal form the renewal fees must be remitted to the LREC in order for a license renewal to NYGoodHealth be processed. Licensed brokers must complete the continuing education, submit a license renewal, proof of Errors and Omissions Insurance, and the required fees before December 31 to avoid any late fee penalties. For complete license renewal information, it is always good to check with the LREC directly if you have any questions or special circumstances.