Division Of Real Estate Newsletter – Third Quarter 2018
July 1, 2018
Selling Property as a Principal (Duties/Ethics) – On pages 1 & 2, this article talks about the risks involved with selling a property one owns if that person is also a licensed real estate professional. Some basics it talks about is disclosing that you are a professional in the transaction. It also touches on whether or not you can represent the buyer if you are a principal/agent on the selling end, and options you have when addressing the other party in a situation where you are a principal/agent. It also talks about some additional complications involved if you are a broker and principal in a transaction that include not allowing your agents to bring you buyers, being represented by an outside agent, or refer a buyer to a different brokerage.
Rule Update (Other) – Page 18 talks about how on August 21, 2018, a rule amendment became effective which 1) amends and clarifies the exemption from licensing requirements for an owner of real property; 2) changes the manner and content of qualifying experience points that a broker applicant may submit to the Division in an application for licensure; and 3) approves the use of lead-based paint forms available for use by licensees. This rule amendment provides that individual applying for a broker license shall select from the individual’s documented experience at least 60 points but no more than 80 points for consideration and review by the Division of Real Estate.
Kagie’s Korner – Notification of Change of Address or Name Change (Other) – On page 19, this article talks about how it is imperative that licensees keep the division notified of address changes, name changes, changes of brokerage affiliation, etc. because there are many reasons the Division may need to contact a licensee (expiring license, a complaint filed against the licensee, operating under an unlicensed name, etc.). The Division’s deadline to be notified is 10 days after the change.