SB 1171 Summary

• Restructures the Real Estate Advisory Board from 10 members with specific categories to a revised composition including 2 residential brokers/salespersons, 1 commercial broker, 1 multifamily residential manager, 1 timeshare/cemetery/campground specialist, 1 subdivider, 1 school administrator/instructor, and 3 public members.

• Adds new definitions including "distance learning" and "live classroom course" to clarify prelicensure and continuing education delivery methods; removes outdated "online course" definition and updates course approval and delivery requirements.

• Modifies trust fund account requirements for brokers by requiring monthly three-way reconciliation between bank statements, client ledgers, and trust ledgers, and specifies violations related to commingling monies and account management.

• Updates inactive license provisions to allow commissioners to require continuing education before reactivation and mandate examination if license inactive for more than 15 years, with one-year advance notice requirement.

• Makes technical updates throughout the chapter including terminology corrections (e.g., "online" to "distance learning," "salesman" to "salesperson") and clarifies statutory agent requirements for brokers.