SB 510

Abstract

Department of Professional and Occupational Regulation; Real Estate Board; death or disability of a real estate broker. Requires a licensed real estate broker who is engaged in a sole proprietorship or is the only licensed broker in a business entity to designate, at the time of his application for broker licensure and at the time of his application for renewal of his license, another licensed broker to carry on the business for 180 days for the sole purpose of concluding the business of such designating broker in the event of the designating broker's death or disability. The bill also clarifies that in the event that the original designated licensed broker is unable or unwilling to perform the act of concluding a deceased or disabled broker's business, the Real Estate Board shall grant approval to conclude the affairs of the business to one of a list of individuals. Under current law, the Board must grant such approval to such individuals in a specific order of priority. Finally, the bill provides that in the event that no listed individual is available or suitable to conclude the business affairs of the deceased or disabled broker, the Board is required to appoint any other licensed broker, with such broker's written consent, within 30 days of receiving written notification of a broker's death or disability, to carry on the business of the deceased or disabled broker for the sole purpose of concluding the business within 180 days. The bill requires the Department of Professional and Occupational Regulation to amend the real estate broker license renewal application form to require applicants for real estate broker license renewal to state that there has been no change to the designated licensed broker.

Department of Professional and Occupational Regulation; Real Estate Board; death or disability of a real estate broker. Requires a licensed real estate broker who is engaged in a sole proprietorship or is the only licensed broker in a business entity to designate, at the time of his application for broker licensure and at the time of his application for renewal of his license, another licensed broker to carry on the business for 180 days for the sole purpose of concluding the business of such designating broker in the event of the designating broker's death or disability. The bill also clarifies that in the event that the original designated licensed broker is unable or unwilling to perform the act of concluding a deceased or disabled broker's business, the Real Estate Board shall grant approval to conclude the affairs of the business to one of a list of individuals. Under current law, the Board must grant such approval to such individuals in a specific order of priority. Finally, the bill provides that in the event that no listed individual is available or suitable to conclude the business affairs of the deceased or disabled broker, the Board is required to appoint any other licensed broker, with such broker's written consent, within 30 days of receiving written notification of a broker's death or disability, to carry on the business of the deceased or disabled broker for the sole purpose of concluding the business within 180 days. The bill requires the Department of Professional and Occupational Regulation to amend the real estate broker license renewal application form to require applicants for real estate broker license renewal to state that there has been no change to the designated licensed broker. The bill has a delayed effective date of January 1, 2023. 

Department of Professional and OccupationalRegulation; Real Estate Board; death or disability of a real estatebroker. Requires a licensed real estate broker to designate,at the time of his application for broker licensure and at the timeof his application for renewal of his license, another licensed brokerto carry on the business for 180 days for the sole purpose of concludingthe business of such designating broker in the event of the designatingbroker's death or disability. The bill also clarifies that in theevent that the original designated licensed broker is unable or unwillingto perform the act of concluding a deceased or disabled broker'sbusiness, the Real Estate Board shall grant approval to concludethe affairs of the business to one of a list of individuals. Undercurrent law, the Board must grant such approval to such individualsin a specific order of priority. Finally, the bill provides thatin the event that no listed individual is available or suitable toconclude the business affairs of the deceased or disabled broker,the Board is required to appoint any other licensed broker, withsuch broker's written consent, within 30 days of receiving writtennotification of a broker's death or disability, to carry on the businessof the deceased or disabled broker for the sole purpose of concludingthe business within 180 days.