Following a rulemaking hearing on February 10, The Real Estate Commission at its February 11 meeting approved the adoption and amendment of certain rules which become effective August 1, 1998, if they are approved by the General Assembly. A detailed summary of the rules was included in the last issue of the Real Estate Bulletin (Volume 28, Number 4, Winter 1998). For a complete text of the rules, please contact the Commission office.
The adopted/amended rules clarify provisions and provide new requirements for real estate agents on issues that include the display of licenses and pocket cards, the reporting to the Commission of personal and business name-changes and changes-of-address, the handling of trust monies, record-keeping, responsibilities of brokers-in-charge and principal brokers, license reinstatement, designated agency and other agency relationships.
Also, the rules address the payment by continuing education course sponsors of student fees to the Commission (eliminating the requirement of a separate check for each separate class session), set forth procedures for the summary suspension of real estate licenses, and reinstate a provision granting license applicants a maximum of 60 days following request to submit any information needed to make their applications current. An obsolete rule regarding the Appraisal Board has been eliminated.
The Commission adopted a "Residential Property Disclosure Statement" form which will become effective October 1, 1998, if approved by the General Assembly. A draft of the form appeared in the last issue of the Bulletin. The form as adopted will appear in a future Bulletin - prior to the effective date.