Under RELA, a Pennsylvania broker of record, Alan, voluntarily surrenders his license to the SREC while facing disciplinary charges for trust account violations. What effect does the voluntary surrender have?
Correct Answer
D) The SREC may accept the voluntary surrender, but typically treats it as equivalent to revocation, requiring the former licensee to meet reinstatement requirements before obtaining a new license
Under RELA and SREC practice, a voluntary surrender of a license while facing disciplinary charges is typically accepted by the SREC but is treated as equivalent to revocation. The former licensee must satisfy reinstatement requirements, which may include a waiting period and demonstration of fitness.
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