There is not a grace period. Your license will expire at midnight on the date of your expiration if you do not renew your license. If it expires, you should not practice real estate during that time. Finish your continuing education and renew ASAP. If your license is expired for more than two years you will need to retake the state exam.
Tip: Don't wait until the last minute. Take one of our 3-day packages and get it all done in one swoop. If you do it at the beginning of every cycle you never have to worry. Or if you take one course every semester you will be covered.