(1) A license is issued for a term of one (1) year.
(2) The Arkansas Real Estate Commission shall issue approval for renewal of a license in the absence of a reason or condition that may warrant the refusal of the renewal on receipt of a renewal request thirty (30) days before the expiration of the license.
(3) A late fee applies to applications received after the renewal deadline.
(4) A licensee who has not applied for renewal or whose renewal application did not meet the requirements for renewal shall be notified by the commission.
(5) If a license is not renewed by the date of its expiration, an application submitted for renewal of the license is considered a new application for licensure.