Term
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Definition
| one of tserveral commission within the department of labor. It consist of nine members; five real estate licenses (license must be held for 10 years) and four consumer members. |
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Term
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Definition
| must be done within the three year period following the date of its expiration |
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Term
| Continuin Education Requirements |
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Definition
| the standard requirement for all levels of license is 15 hours Of approved instruction |
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Term
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Definition
| Notices are given at least ten days before a hearing to the individual against whom the action is contemplated it is served personally or via certified mail |
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Term
| Real Estate Guaranty Fund |
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Definition
| The Guaranty Fund exists to reimburse members of the public for actual financial losses at the hand of real estate licensees and their unlicensed employees the maximum reimbursement for any claim is $50,000. |
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Term
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Definition
| The Commission deposits all money collected for the Guaranty Fund with the State Treasury |
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Term
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Definition
| A person may recover compensation from the Guaranty Fund only for actual financial losses |
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