HB 532 Summary

• Establishes new definitions and regulatory structure for real estate brokers, including creation of principal broker, associate broker, and management level licensee roles with specific responsibilities for brokerage operations.

• Requires brokers to designate at least one principal broker to oversee brokerage operations, report changes in principal broker designation within 15 days, and comply with multiple duties including license renewal, trust account maintenance, and fair housing compliance.

• Expands institutional definitions for higher education to include state institutions, nonprofit institutions with accreditation, for-profit private institutions exempt from regulation, and career colleges offering approved degree programs.

• Increases continuing education requirements for new salespersons from 10 to 20 hours within 12 months of licensure, with additional requirements for brokers and management level licensees.

• Allows real estate licensees to work as either employees or independent contractors and permits brokers to operate under multiple approved trade names with superintendent approval.