SB1655 Summary

• Amends the Real Estate License Act of 2000 by modifying definitions and licensing requirements for real estate brokers, salespersons, and leasing agents.

• Adds new definitions including "electronic means of proctoring," "interactive delivery method," and clarifies confidential information protections that exclude material information about property physical condition.

• Allows managing brokers holding active licenses to exchange them for broker's licenses without meeting standard education requirements.

• Modifies brokerage agreement requirements to allow clients the right to terminate agreements annually with 30 days' written notice as an alternative to automatic expiration.

• Updates continuing education delivery standards to specify interactive delivery methods with two-way communication between instructors and students for broker management courses.