Real Estate Commission - July 1, 2006 Changes

Several significant changes have been made to the Brokerage Act (Title 32, Chapter 114). The following are highlights of the statutory changes, effective on July 1, 2006:

Increases the number of mandatory continuing education hours from 15 to 21.
Creates transaction broker presumption and standards of practice;
Requires all agent-client listing agreements and buyer representation agreements to be in writing and to include a minimum of 4 specific contract provisions;
Requires brokerage trust accounts to be maintained in "federally insured accounts" which may impact trust accounts currently maintained in credit unions;
Requires sales agent applicants to pass state test in addition to the sales agent course; and
Repeals examination requirement for associate broker license applicants (applicants already licensed as sales agents on the effective date will be required to comply with the examination requirement).

Related Files and New Forms

New Statute (Chapter 114)

Real Estate Commission Rules - Please note that there are changes to chapters 360 and 390. Chapters 400 and 410 are new. Chapters 300, 310, 340, 350, and 370 did not change. Also available to view or print in PDF format.

Real Estate Brokerage Relationships Form - replaces form 2 effective July 1, 2006.

Documented Field Experience Form - a required part of the new Associate Broker curriculum effective July 1, 2006.

Core Course: Real Estate Licensees renewing prior to January 1, 2009 must complete either "New Laws and Rules Core Course" OR "What am I - and Why is it Important? Core Course." Any licensee renewing or activating a license January 1, 2009 or later must complete "What am I - and Why is it Important? Core Course".

Last Updated: July 3, 2008

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Real Estate Commission - July 1, 2006 Changes

Related Files and New Forms

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