A real estate broker's license is permanent, but it can be returned, and the individual can request the renewal of the license if they wish to resume working as a real estate broker.
A person who has been temporarily deprived of the right to work as a real estate broker can also apply for re-licensing.
The District Commissioner of Greater Reykjavik oversees the licensing of real estate and ship brokers nationwide.
Cost
The fee for renewing a license is ISK 2,200, payable to the account 322-26-0001, ID number 650914-2520.
Required Documents
The application must include:
A declaration from the insurance company about professional liability insurance
Appeal Period
Decisions of the District Commissioner can be appealed to the Ministry of Culture and Business Affairs within three months of receipt.
Laws and Regulations
Act No. 70/2015 on the Sale of Real Estate and Ships
Regulation No. 1123/2006 on the Licensing of Real Estate, Business, and Ship Brokers
Regulation No. 613/1997 on Insurance for Real Estate, Business, and Ship Brokers
Service provider
District Commissioners