Bill Summary: SF2340

• Adds definitions for "buyer's broker" and "seller's broker" as licensees representing buyers or sellers under signed agreements with fiduciary duties owed to their clients.

• Modifies override clause definition to allow brokers to receive compensation after agreements expire for properties shown to buyers, with protective lists required within 72 hours of expiration.

• Updates licensing requirements including allowing limited liability companies as broker entities with officers individually licensed as brokers, and requiring only one responsible person (instead of two) to verify business entity license applications.

• Revises continuing education requirements to mandate 30 hours per 24-month period with at least 15 hours in the first 12 months, including training on agency representation and fair housing laws.

• Establishes new trust account rules requiring earnest money deposits within three business days of receipt or final acceptance of purchase agreements, with disbursements allowed only upon closing, written agreement, affidavit, or court order.