REALTY UPDATES

Agents

HB 1469/SB 828- Real Estate Brokers - Agency Relationships in Residential Real Estate Transactions - Disclouser and Consent Requirements

Effective: October 1, 2016

Simplifies the disclosure law by focusing disclosure on unrepresented consumers.  The current law requires licensees to provide agency disclosure to consumers who are already represented by other licensees and have already had agency information provided to them.  The proposed changes would eliminate some of this redundant disclosure except when a consumer is not represented by an agent in the transaction.  In addition, the proposed changes would simplify agency discosure at open houses by requiring a seller's agent to post information about the agent's representation rather than giving out a disclosure form to buyers that visit the property.  Finally, the bill eliminates the "statutory presumption" of buyer agency so that there is only one category of "buyer agent".

HB 1453/SB 824 - Real Estate Licensees - Verification of Service Provider Licensing Status

Effective: October 1, 2016

Narrows the regulation requiring real estate agents to verify the license status of certain service providers referred to consumers.  The regulation required real estate agents to verify the license status of: mortgage lenders; mortgage brokers; real estate appraisers; home improvement contractors; home inspectors; plumbers; electricians; and heating, ventilation, and air-conditioning and refrigeration contractors.  The bill requires real estate agents to only verify the license status of home improvement contractors.  The bill also requires the license to be verified only once per year rather than every time a referral is made.

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