PUBLIC LAWS-CH. 664 -AUG. 10 , 1939
50 Stat. 78a.
20 D. C. Code,
Supp. IV, §1972.
Compensation.
50 Stat. 789.
20 D. C . Code, Supp.
IV, § 1973.
Qualifications for
license.
Proviso.
Probationaryperiod
to prove competency.
Proof of competency.
Real-estate brokers.
Business-chance
brokers.
Applicationsrecent-
ly rejected.
Bond.
50 Stat. 791.
20 D. C . Code, Supp.
IV, §1974.
New bond if surety
Insolvent or ceases to
do business.
50 Stat. 792.
20 D. C. Code,
Supp. IV, §1976.
Broker's license, fee.
Proviso.
Business partner-
ships, etc.
broker or a business-chance salesman, and to every business-chance
license, and to every licensee licensed as a business-chance broker or
a business-chance salesman, and to anyone acting in the capacity of
a business-chance broker or a business-chance salesman without a
license."
SEC. 4. The seventh paragraph of section 3 is amended to read as
follows:
"The compensation of members of the Commission, except the
ex officio member, shall be $10 each for personal attendance at each
meeting, but shall not exceed for any member $1,500 per annum."
SEC. 5. Section 4 of said Act is amended to read as follows:
"SEC. 4. No license under the provisions of this Act shall be issued
to any person who has not attained the age of twenty-one years,
nor to any person who cannot read, write, and understand the
English language; nor until the Commission has received satisfac-
tory proof that the applicant is trustworthy and competent to
transact the business of a real-estate broker or real-estate salesman or
business-chance broker or business-chance salesman in such a manner
as to safeguard the interests of the public: Provided, however, That
a salesman shall have six months from the date of the issuance of his
original license to prove his competency, and failure to prove his
competency to the satisfaction of the Commission within that period
will automatically cancel his original license or any renewal thereof.
"In determining competency, the Commission shall require proof
that every applicant for a license has a general and fair understand-
ing of the obligations between principal and agent, as well as of the
provisions of this Act; and that an applicant for a license as a real-
estate broker has a fair understanding of the general purposes and
effect of deeds, mortgages, and contracts for the sale or leasing of
real estate, and of elementary real-estate practices; and that an appli-
cant for a license as a business-chance broker has a fair understanding
of the general purposes and effect of bills of sale, chattel mortgages
and trusts, and the provisions of the law governing sales in bulk.
"No license shall be issued to any person, firm, partnership, copart-
nership, association2 or corporation whose application has been
rejected in the District of Columbia or any State within three months
prior to date of application, or whose real-estate license has been
revoked in the District of Columbia or any State within one year
prior to date of application."
SEC. 6 . (a) The eighth paragraph of section 5 of said Act is
amended by striking out the words, "executed by two good and
sufficient sureties, to be approved by the Commission, or".
(b) Section 5 of said Act is further amended by inserting at the
end of the tenth paragraph thereof the following:
"In the event the surety becomes insolvent or a bankrupt, or ceases
to do business or ceases to be authorized to do business in the District
of Columbia, the principal shall, within ten days after notice thereof,
given by the Commission, duly file a new bond in like amount and
conditioned as the original and if the principal shall fail so to do the
license of such principal shall terminate."
SEC. 7 (a) The third paragraph of section 7 of said Act is amended
to read as follows:
"The fee for an original broker's license and every renewal thereof
shall be $30: Provided, however, That the fee for an original broker's
license and every renewal thereof for individual members, partners,
and officers of firms, partnerships, and corporations shall be $30 for
the first member, partner, or officer to be designated by the firm,
partnership, or corporation and $10 for each additional members
partner, or officer of such firm, partnership, or corporation."
1354
[53 STAT.
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