Yes, you definitely can.
If you have active deals going on, we recommend that you pay TREC a $200 deferral fee in order to keep your license status active for another 60 days. During that time, you can complete CE since this extends your deadline.
If you do not have any active deals going on, you can either renew as inactive OR let your license expire, finish CE, and pay a late renewal fee (it is only slightly higher than the regular fee).