Section 339.22205. Acceptable, related experience for broker applicants.

Rule 205. (1) For purposes of  calculating  the  time  during  which  an applicant for a license as a broker or associate broker has been engaged in the real estate business as required by section 2505 (5) of the code, the following credit shall be granted by the department:

(a)      Real estate salesperson or broker: One year of credit for each 12-month period of licensure in which 6 or more real estate transactions, as defined in section 2501(b) of the code, are verified.

(b)     Builder: One year of credit for each 12-month period in which 6 residential units, or 6 commercial units, or 6 industrial units,  or  a combination thereof,  were built  and  personally  sold  or  leased by  the applicant.

(c)      Investor: Six months of credit for each 6 real property transactions personally negotiated for a purchase or sale by the applicant for his or her own account with a maximum of 1 year of credit allowed. However, credit shall not be granted if the applicant has more than 6 sales in any  12-month period in violation of the provisions of R 339.22319.

(d)        Land or condominium developers: One year of credit for each 2 developments or subdivisions containing not fewer than 10 units or parcels which the applicant has bought, subdivided, and improved for sale as lots or dwellings.

(e)       Attorneys: One year of experience for each year in which 6 real estate transactions were conducted as an attorney.

(f)    Related occupations: One year of credit for each period equivalent to 40 hours per week, 48 weeks per year, in which the applicant has worked in a capacity directly related to the acquisition, financing, or conveyance of real estate, or positions in which the applicant  has   been  directly involved in real estate business including  serving  as the decision-making authority in any of the following positions:

(i)     A loan or trust officer of a federal or state-regulated  depository institution.

(ii)     A loan or trust officer of a mortgage company.

(iii)       A real estate officer of a corporation, which is not a licensed real estate broker.

(iv)      A title insurance company officer engaged in the closing of escrow accounts and real estate closings.

(v)     A staff or real property appraiser.

(2)      Where state law requires a person to be licensed to perform an activity, credit shall not be granted for experience obtained without proper licensure.

History: 1991 AACS; 2002 AACS.