Final answer:
If an agent doesn't renew their license by the expiration date, they lose the authority to practice and might face penalties. This is distinct from leasing agreements where a resident may owe additional rent and damages for failing to vacate.
Step-by-step explanation:
If an agent fails to renew his license by the expiration date, the license is typically considered expired, and the individual is no longer authorized to act within the capacity of a licensed agent. Continuation in any actions that require a license could result in legal or professional consequences, including fines, penalties, or other disciplinary actions. In many jurisdictions, there are grace periods and reinstatement procedures that allow the agent to renew the license after expiration, usually involving additional fees or continuing education requirements.
Under the context of a leasing agreement, which seems to be incorrectly tied to this question, if a RESIDENT fails to vacate a premise by the termination date or holds over, they may be liable for additional rent and damages, which can include the OWNER's loss of prospective new renters. The exact consequences and legal remedies available would depend on the specific laws and regulations in the jurisdiction where the property is located.