A license issued under this Division is not transferable and terminates upon change of ownership. The purchaser of a licensed single-family or multifamily rental facility may conduct/operate the property provided an application for a new license is applied for within 30 days following settlement. A license issued under this Division is not required where a buyer and a seller of a single-family dwelling enter into a Pre-Settlement Occupancy Agreement and/or a Post-Settlement Occupancy Agreement. If a purchaser fails to apply for a new license as required in Subsection (b) of this Section or Use and Occupancy Permit as required by Subtitle 27, the Zoning Ordinance, a penalty of up to Five Thousand Dollars ($5,000) for each month, or portion thereof, the single-family or multifamily rental facility was operated and/or occupied without a valid license will be assessed. The term for a new license shall begin on the date the application with appropriate fee was received by the Director. The term for the initial single-family rental facility license shall begin on the date the license was issued by the Director.