Question 73

A broker's license may remain on deposit indefinitely if the broker sends a notarized statement indicating the licensee will conduct no business while the license is on deposit.

A broker's license can be kept on deposit indefinitely when the broker provides a notarized statement affirming that they will not engage in any business activities while the license is on deposit.

A) the broker complies with post-licensure education and continuing education requirements and pays renewal fees.

This option is incorrect because while compliance with education requirements and payment of renewal fees are necessary for maintaining an active license, they do not pertain to the indefinite deposit of the license itself. Such compliance does not address the specific condition for keeping a license on deposit.

B) the broker requests, in writing, by certified mail, that the license be put on deposit.

This option is also incorrect. Although a written request to place a license on deposit is a procedural requirement, it does not alone ensure that the license can remain on deposit indefinitely. Additional conditions must be met, specifically the notarized statement regarding business activities.

C) the broker sends a notarized statement indicating the licensee will conduct no business while the license is on deposit.

This option is correct as it explicitly states the necessary condition for a broker’s license to remain on deposit indefinitely. The notarized statement serves as a formal declaration that the broker will not engage in business, which is the key requirement for this scenario.

D) the broker pays renewal fees for five years in advance and conducts no business while the license is on deposit.

This option is incorrect because, while paying renewal fees may be a part of maintaining a license, it does not address the specific condition needed for a license to remain on deposit indefinitely. The requirement for a notarized statement indicating no business activities is essential and is not met merely by advancing renewal fees.

Conclusion

The correct answer is C, as it directly addresses the requirement for a broker's license to remain on deposit indefinitely through the submission of a notarized statement about business activities. Options A, B, and D either fail to meet the criteria or misinterpret the necessary conditions, thereby reaffirming the importance of the notarized declaration in this context.