Senate Bill 1143 Summary

• Establishes a 3-year license term for real estate brokers, associate brokers, and salespersons, with minimum age requirement of 18 years and ability to relicense without examination within 3 years of expiration under specified conditions.

• Requires 40 clock hours of prelicensure education for real estate salespersons (including 4 hours on civil rights and fair housing law) and 90 additional hours for brokers (including 9 hours on civil rights law), completed within 36 months before application.

• Mandates 18 clock hours of continuing education every 3-year license cycle for all licensees, with at least 2 hours per calendar year on real estate law and court cases, which may include courses toward professional designations.

• Adds provisions requiring licensees to disclose their real estate licensure status in writing before acquiring property interests or options, prohibits real estate salespersons from accepting commissions from anyone other than their employer, and establishes supervision requirements for brokers overseeing salespersons.

• Introduces new sections addressing limited service agreements, broker advertising requirements, inspection rights for the department, and conduct standards including prohibition on net service provision agreements used to secure commissions and requirements for proper handling of client funds and deposits.