HB 2498

Abstract

Amends the Real Estate License Act of 2000. Changes references to (1) the Commissioner of Banks and Real Estate to the Secretary of the Department of Financial and Professional Regulation and (2) the Office of Banks and Real Estate to the Department of Financial and Professional Regulation. Changes provisions concerning the application process for a leasing agent license. Requires a managing broker to be licensed by the Department. Specifies the requirements for an applicant to be licensed as (1) a salesperson, (2) a broker, and (3) a managing broker. Changes provisions concerning the examination of certain applicants. Adds provisions concerning the transition (1) from a salesperson to a broker license and (2) to a managing broker license. Changes provisions concerning continuing education requirements for specified licensees. Adds provisions concerning advertising by licensees. Adds provisions concerning the duties of licensees representing clients. Changes provisions concerning the disclosure of a licensee acting as an agent for a consumer. Amends the Regulatory Sunset Act to change the repeal date of the Act from January 1, 2010 to January 1, 2020. Makes other changes. Effective December 31, 2009.