HB492 Summary

• Limits out-of-state co-broker transactions to three per calendar year with a maximum total transaction value of $50 million annually per out-of-state broker.

• Requires residential listing agreements to include fixed expiration dates not to exceed one year and prohibits recording listing agreements with probate courts to encumber property.

• Establishes disclosure requirements and penalties for licensees selling, offering to sell, or assigning equitable interests in residential property contracts, including written disclosure to buyers that they are not deed holders and to sellers of assignment intent within three days.

• Provides training, qualification, and continuing education requirements for real estate professionals and schools offering training courses with penalties for non-compliance.

• Implements staggered effective dates between October 1, 2024, and October 1, 2027, for various provisions related to licensing and regulatory changes.