SB 275 Summary

• Eliminates the salesperson license category effective July 1, 2014, requiring all real estate sales professionals to hold broker licenses instead.

• Increases broker prelicensing education from 24 to 90 hours and requires new brokers to complete 30 hours of postlicensing education within two years.

• Changes broker license term from biennial to three years and establishes continuing education requirement of 12 hours per year instead of per renewal period.

• Replaces terminology of "principal broker" with "managing broker" throughout real estate licensing statutes and related commercial real estate lien laws.

• Establishes new requirements for managing brokers including two years of prior broker experience and 24 hours of broker management education.