At its January meeting, the Real Estate Commission conducted a hearing to consider the amendment of certain rules. A summary of the proposed amendments was included in the February, 1995 issue of your Real Estate Bulletin.
After the hearing, the Commission amended its rules effective July 1, 1996. The rule changes affect real estate licensees, license applicants and providers of Commissionapproved real estate courses. Following is a summary of the amendments affecting real estate licensees. For a complete text, please contact the Commission office.
1. When acting as a sellers' agent or subagent, in certain circumstances you may now orally disclose to prospective purchasers your agency relationship if your "first substantial contact" with the purchaser is by telephone, electronic or means other than an in-person meeting. You must then immediately, but in no event later than three days thereafter, mail or transmit to the purchasers for their signature a copy of the "Disclosure to Buyer From Seller's Agent or Subagent" form. [See article on page 9 of this Bulletin]
2. You are now exempt from the 5. agency disclosure requirements when representing sellers in auction sales transactions.
3. If you manage a property owners' association, you must deposit in your trust account and properly account for monies received in connection with your management of the association.
Corporations, partnerships, limited liability companies, and other business entities (other than sole proprietorships) engaged in the real estate brokerage business must obtain a Real Estate Firm License from the Commission beginning January 1, 1997. [See page 1 of the Bulletin]
This rule change clarifies that if you let your real estate license lapse for more than twelve months and you want to reinstate it, you must demonstrate to the Commission that you currently possess the requisite moral character in addition to current knowledge, skills and competence.
If your real estate license is revoked, suspended or surrendered to the Real Estate Commission, to reinstate it, you must satisfy the same requirements as persons whose licenses have been expired for the same period of time.