Rule Changes Effective April 1

Changes to Commission rules relating to trust account management, broker price opinions, the real estate license renewal fee, the license activation form, and fees relating to timeshares became effective April 1.

Two additional rules changes relating to brokers-in-charge and the Real Estate Education and Recovery Fund are effective May 1.

Trust Accounts – The former single rule, A. 0107, was repealed and rewritten into three new rules (See this issue of the Real Estate Bulletin, page 6.)

Broker Price Opinions – These rules replace the temporary rules implementing License Law changes and are effective October 1, 2012. (See the October 2012 Real Estate Bulletin.)

Real estate license fee – The fee has been raised from $40 to $45. A decline in Commission revenues resulting from the decline in licensees necessitated the increase. The Commission cut operating expenses and increased efficiencies to maintain current operations without a fee increase for more than 10 years.

License activation form – Electronic filing of notifications of supervision and requests for license activation requiring only the broker or broker-in-charge’s signature are now permitted. The rule was also amended to add satisfaction of postlicensing education deficiency as one of the requirements for license activation.

Timeshare fees – The rules permit changes in various registration and renewal fees.

Effective May 1, 2013

Broker-in-Charge (BIC) – Major revisions eliminate the 10-day period for the filing of a BIC declaration; clarify that the Commission designates a BIC after eligibility is determined; clarify the delivery address requirements for a broker-in-charge of multiple firms at the same office; eliminate the requirement that a BIC provide statements to the Commission about work performed by a broker under the BIC’s supervision; and require a former BIC to take the 12-hour Broker-in-Charge Course when BIC status is terminated.

Real Estate Education and Recovery Fund – Updates references to “Real Estate Recovery Fund” to reflect its current statutory name and establishes factors to be considered by the Commission when consolidating cases.

This article came from the May 2013-Vol44-1 edition of the bulletin.