SB 158 Summary

• Increases pre-licensure education requirement for real estate brokers from 15 hours to 30 hours of commission-approved education.

• Raises experience requirement for broker licensure from 24 months to 36 months of active continuous experience, measured within the preceding 60 months instead of 36 months.

• Requires associate real estate brokers to obtain errors and omissions insurance as a condition of licensure.

• Repeals AS 08.88.172(e) regarding insurance requirements.

• Staggered effective dates: education changes effective January 1, 2017; experience and insurance requirements effective January 1, 2018.