D.C. Mun. Regs. tit. 17, r. 17-2704

Current through Register Vol. 71, No. 50, December 13, 2024
Rule 17-2704 - REAL ESTATE GUARANTY AND EDUCATION FUND ASSESSMENT
2704.1

An applicant for a license as a real estate broker, real estate salesperson, or property manager shall pay, in addition to the applicable license fee, the sum of sixty dollars ($60.00) into the Real Estate Guaranty and Education Fund ("Fund").

2704.2

Upon renewal of a license, a licensee shall pay, in addition to the applicable renewal fee, the sum of sixty dollars ($60.00) into the Fund.

2704.3

The Fund shall, at all times, be maintained with a balance of no less than one million forty thousand dollars ($1,040,000) and not more than five million dollars ($5,000,000).

2704.4

The Board shall suspend collection of the assessment for the Fund from licensees on November 1 of any year, if on the prior October 1, the balance of the Fund is within fifty thousand dollars ($50,000) of the maximum established under this section.

2704.5

The Board may resume collection of the assessment for the Fund of licensees on November 1, if on the prior October 1, the balance of the Fund is less than $4,950,000.

2704.6

Any time the amount of the Fund falls below the minimum amount established under this section, the Commission shall assess each licensee up to fifty dollars ($50) during any license year to bring the balance of the Fund up to the minimum amount.

2704.7

A licensee whose license has been suspended for failure to pay an assessment required to bring the balance of the Fund up to the minimum established pursuant to § 2704.6 of this section shall have his or her license restored only upon receipt of the delinquent assessment plus six percent (6%) interest calculated from the date the assessment was due to the date of payment and penalties in the amount of fifty dollars ($50.00).

D.C. Mun. Regs. tit. 17, r. 17-2704

Final Rulemaking published at 52 DCR 6998 (July 29, 2005); as amended by Final Rulemaking published at 60 DCR 5867 (April 19, 2013); amended by Final Rulemaking published at 63 DCR 2246 (2/26/2016); amended by Final Rulemaking published at 67 DCR 14847 (12/25/2020)
Authority: D.C. Official Code § 47-2853.10(a)(12) (2005 Repl.), Mayor's Order 2000-70, dated May 2, 2000, and Mayor's Order 2009-11, dated February 2, 2009.