Senate Bill 26 Summary

• Establishes 6 clock hours of annual continuing education as requirement for real estate broker, associate broker, and salesperson license renewal, with at least 2 hours focused on real estate law and court cases.

• Requires 90 clock hours of prelicensure classroom instruction for real estate broker applicants (including 9 hours on civil rights and fair housing) and 40 clock hours for salesperson applicants (including 4 hours on civil rights).

• Allows individuals who fail to renew licenses within 3 years to relicense without examination by completing additional continuing education hours or passing required examination and prelicensure courses.

• Adds requirements for real estate broker advertising to include broker name, telephone number or street address, and statement that advertiser is a real estate broker; requires brokers to supervise salespersons through regular communication, performance review, and written policies.

• Expands broker duties to include disclosure of licensure status when acquiring property interests, acceptance and presentation of purchase offers, assistance with contract negotiation, and provision of closing statements.