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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 17. BUSINESS, OCCUPATIONS, AND PROFESSIONALS |
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Chapter 17-27. REAL ESTATE PRACTICE AND HEARINGS |
Section 17-2704. REAL ESTATE GUARANTY AND EDUCATION FUND ASSESSMENT
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2704.1An 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"). An applicant for a license in the second half of the biennial license period shall pay, in addition to the applicable license fee, thirty dollars ($30.00) into the Fund.
2704.2Upon 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).
2704.4The Board shall suspend collection of the assessment for the Fund from licensees and applicants on January 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.
2704.5The Board may resume collection of the assessment for the Fund of licensees and applicants on January 1, if on the prior October 1, the balance of the Fund is within fifty thousand dollars ($50,000) of the minimum amount established under this section.
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.
2704.7A 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).