MS SB2748

Defines "brokerage agreement" as a written agreement between a real estate broker and consumer establishing the brokerage relationship, including terms, conditions, and compensation

Extends the deadline for depositing client funds into trust accounts from the next banking day to two banking days following receipt of monies

Requires principal brokers to acknowledge a licensee's transfer within three days of termination so a new license may be issued, replacing the previous requirement to return the license for cancellation

Changes notification method for license renewal fee delinquency from certified mail to email delivery to both the licensee and their responsible broker at addresses on file with the commission

Updates statutory definitions to include limited liability companies as entities that can be licensed as real estate brokers and clarifies that salespersons may be associated as independent contractors with brokers