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| HB 1263 - Real estate appraisers, brokers, and salespersons; amend prov |
First Reader Summary
A BILL to amend Chapter 39A of Title 43 of the Official Code of
Georgia Annotated, known as the "Real Estate Appraiser
Classification and Regulation Act," so as to change certain time
periods within which real estate appraisers are required to take
certain actions; and for other purposes.
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| House
| Action
| Senate
|
| 1/15/98
| Read 1st Time
| 2/9/98
|
| 1/16/98
| Read 2nd Time
| 2/20/98
|
| 1/28/98
| Favorably Reported
| 2/19/98
|
|
| Committee Amend/Sub
| Sub
|
| 2/6/98
| Read 3rd Time
| 2/26/98
|
| 2/6/98
| Passed/Adopted
| 2/26/98
|
| FA
| Comm/Floor Amend/Sub
| CS
|
| 3/10/98
| Amend/Sub Agreed To
|
|
| 3/23/98
| Sent to Governor
|
|
| 3/27/98
| Signed by Governor
|
|
| 564
| Act/Veto Number
|
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| 7/1/98
| Effective Date
|
|
HB 1263 HB 1263/AP
H. B. No. 1263 (AS PASSED HOUSE AND SENATE)
By: Representative Powell of the 23rd
A BILL TO BE ENTITLED
AN ACT
1- 1 To amend Chapter 39A of Title 43 of the Official Code of
1- 2 Georgia Annotated, known as the "Real Estate Appraiser
1- 3 Classification and Regulation Act," so as to change certain
1- 4 time periods within which real estate appraisers are
1- 5 required to take certain actions; to change the provisions
1- 6 relating to fees for real estate appraiser examination,
1- 7 activation, and renewal and reactivation of lapsed or
1- 8 inactive appraiser classifications; to change the provisions
1- 9 relating to notification by a real estate appraiser of
1-10 change of address; to amend Chapter 40 of Title 43 of the
1-11 Official Code of Georgia Annotated, relating to the
1-12 regulation of real estate brokers and salespersons, so as to
1-13 change certain time periods within which real estate brokers
1-14 and salespersons are required to take certain actions; to
1-15 change the provisions relating to nonresident licenses of
1-16 brokers and salespersons; to change the provisions relating
1-17 to license fees; to change the provisions relating to change
1-18 of place of business and transfer of salesperson or
1-19 associate broker; to change the provisions relating to the
1-20 requirement of a trust or escrow checking account in order
1-21 to engage in the real estate business; to provide that
1-22 certain real estate brokers are not required to maintain a
1-23 designated trust or escrow account; to prohibit certain
1-24 conduct by real estate brokers, salespersons, licensees,
1-25 schools, and instructors; to provide sanctions against such
1-26 violators; to change certain sanctions; to provide for
1-27 related matters; to repeal conflicting laws; and for other
1-28 purposes.
1-29 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
1-30 SECTION 1.
1-31 Chapter 39A of Title 43 of the Official Code of Georgia
1-32 Annotated, known as the "Real Estate Appraiser
1-33 Classification and Regulation Act," is amended by striking
1-34 in their entirety subsections (g), (h), and (k) of Code
1-35 Section 43-39A-11, relating to fees for real estate
-1-
2- 1 appraiser examination, activation, and renewal and
2- 2 reactivation of lapsed or inactive appraiser
2- 3 classifications, and inserting in lieu thereof new
2- 4 subsections (g), (h), and (k) to read as follows:
2- 5 "(g) Any appraiser who does not wish to be actively
2- 6 engaged in real estate appraisal activity may continue an
2- 7 appraiser classification by making a written request
2- 8 within 14 days 30 days of ceasing work that the appraiser
2- 9 classification be placed on inactive status. Any appraiser
2-10 whose appraiser classification has been placed on an
2-11 inactive status may not engage in real estate appraisal
2-12 activity. To reactivate an appraiser classification held
2-13 on inactive status, an appraiser must make application to
2-14 the board prior to resuming real estate appraisal
2-15 activity. Any appraiser who seeks to reactivate an
2-16 appraiser classification which has been placed on inactive
2-17 status shall be required to meet any continuing education
2-18 requirement which the appraiser might have otherwise been
2-19 required to meet during the period when the appraiser's
2-20 appraiser classification was placed on inactive status.
2-21 The education requirement for activating an appraiser
2-22 classification on inactive status shall not apply to an
2-23 appraiser who meets the continuing education requirement
2-24 of subsection (b) of Code Section 43-39A-8 in each renewal
2-25 period that such appraiser is on inactive status nor to an
2-26 appraiser who has maintained an active appraiser
2-27 classification in another state that has continuing
2-28 education requirements while such appraiser's
2-29 classification was on inactive status in Georgia.
2-30 (h) Any appraiser who places an appraiser classification
2-31 on inactive status shall be required to pay the renewal
2-32 fee provided for in subsection (d) of this Code section.
2-33 Whenever any appraiser on inactive status fails to pay the
2-34 required fee, the appraiser classification shall be
2-35 lapsed. If an appraiser on inactive status changes
2-36 address, the appraiser shall notify the board of the new
2-37 address, in writing, within 14 days 30 days."
2-38 "(k) A reasonable fee, not to exceed the renewal fee
2-39 charged for an appraiser classification, may be imposed by
2-40 the board on any applicant or appraiser who:
2-41 (1) Fails to notify the board in writing within 14 days
2-42 30 days of a change of address;
-2-
3- 1 (2) Fails to respond within 14 days 30 days to a written
3- 2 inquiry from the board requesting further information on
3- 3 any application the applicant or appraiser has filed
3- 4 with the board; or
3- 5 (3) Submits to the board a check that is returned
3- 6 unpaid."
3- 7 SECTION 2.
3- 8 Said chapter is further amended by striking in its entirety
3- 9 subsection (a) of Code Section 43-39A-16, relating to
3-10 notification by real estate appraiser of change of address
3-11 and applicability of Chapter 7 of title 14, and inserting in
3-12 lieu thereof a new subsection (a) to read as follows:
3-13 "(a) If an appraiser changes a residence or place of
3-14 business address, such appraiser shall notify the board,
3-15 in writing, within 14 days 30 days of such change."
3-16 SECTION 3.
3-17 Chapter 40 of Title 43 of the Official Code of Georgia
3-18 Annotated, relating to the regulation of real estate brokers
3-19 and salespersons, is amended by striking in its entirety
3-20 paragraph (4) of subsection (c) of Code Section 43-40-9,
3-21 relating to nonresident licenses, and inserting in lieu
3-22 thereof a new paragraph (4) to read as follows:
3-23 "(4) Affiliate with a resident or nonresident broker if
3-24 the applicant is an individual community association
3-25 manager, salesperson, or associate broker. If a
3-26 nonresident licensee terminates the affiliation with a
3-27 broker licensed by the commission, the license of such
3-28 nonresident shall automatically be terminated unless
3-29 such nonresident places the license on inactive status
3-30 or affiliates with another broker licensed by the
3-31 commission within 14 days 30 days. No license shall be
3-32 issued to any member, officer, independent contractor,
3-33 employee, or partner of a nonresident partnership,
3-34 limited liability company, or corporation until said
3-35 partnership, limited liability company, or corporation
3-36 qualifies for a broker's license. A nonresident
3-37 corporation or limited liability company must obtain
3-38 from the proper agency and maintain a certificate of
3-39 authority to transact business in this state;".
-3-
4- 1 SECTION 4.
4- 2 Said chapter is further amended by striking in their
4- 3 entirety subsections (g), (h), and (m) of Code Section
4- 4 43-40-12, relating to license fees of real estate brokers
4- 5 and salespersons, and inserting in lieu thereof new
4- 6 subsections (g), (h), and (m) to read as follows:
4- 7 "(g) Any real estate broker who does not wish to be
4- 8 actively engaged in the brokerage business or any licensee
4- 9 who is temporarily not actively engaged on behalf of a
4-10 broker may continue a license by making a written request
4-11 within 14 days 30 days of ceasing work that the license be
4-12 placed on inactive status. Any licensee whose license has
4-13 been placed on an inactive status may not engage in the
4-14 real estate brokerage business except in connection with
4-15 property owned by the licensee. To reinstate a license
4-16 held on inactive status, a licensee other than a broker
4-17 must secure the signature of the broker for whom the
4-18 licensee wishes to act; and a broker must make application
4-19 to the commission prior to resuming brokerage activity.
4-20 Any individual licensee who seeks to activate a license
4-21 which has been on inactive status for a period of two
4-22 years or longer shall be required to attend a commission
4-23 approved course of study prior to activating an inactive
4-24 license. The course of study shall consist of a commission
4-25 approved education course or courses totaling at least six
4-26 hours for each year the license was on inactive status.
4-27 This education requirement for activating a license on
4-28 inactive status shall not apply to licensees who meet the
4-29 continuing education requirement of subsection (e) of Code
4-30 Section 43-40-8 in each renewal period that they are on
4-31 inactive status nor to licensees who maintained an active
4-32 license in another state that has continuing education
4-33 requirements while such licensee's license was on inactive
4-34 status in Georgia.
4-35 (h) Any licensee who places a license on inactive status
4-36 shall be required to pay the license renewal fee provided
4-37 for in subsection (d) of this Code section. Whenever any
4-38 licensee on inactive status fails to pay the required
4-39 renewal fees, the licensee's license shall be lapsed. If a
4-40 licensee on inactive status changes address, the licensee
4-41 shall notify the commission of the new address, in
4-42 writing, within 14 days 30 days."
-4-
5- 1 "(m) A reasonable fee, not to exceed the renewal fee
5- 2 charged broker licensees, may be imposed by the commission
5- 3 on a licensee who:
5- 4 (1) Fails to notify the commission in writing within 14
5- 5 days 30 days of a change of address, of the opening or
5- 6 closing of a designated trust account, of transferring
5- 7 to a new company, or of leaving a firm to go on inactive
5- 8 status;
5- 9 (2) Fails to affiliate with a new company or to apply to
5-10 go on inactive status within 14 days 30 days of the
5-11 commission's receipt of notice that the broker holding
5-12 the licensee's license no longer wishes to do so and has
5-13 mailed a letter to the licensee's last known address
5-14 indicating that the broker is returning the license to
5-15 the commission;
5-16 (3) Fails to respond within 14 days 30 days to a written
5-17 inquiry from the commission requesting further
5-18 information on any application the licensee has filed
5-19 with the commission; and
5-20 (4) Submits to the commission a check that is returned
5-21 unpaid."
5-22 SECTION 5.
5-23 Said chapter is further amended by striking in its entirety
5-24 subsection (a) of Code Section 43-40-19, relating to change
5-25 of place of business and transfer of salesperson or
5-26 associate broker, and inserting in lieu thereof a new
5-27 subsection (a) to read as follows:
5-28 "(a) Should a broker change the address of the broker's
5-29 place of business, the broker shall notify the commission,
5-30 in writing, within 14 days 30 days of such change."
5-31 SECTION 6.
5-32 Said chapter is further amended by striking in its entirety
5-33 Code Section 43-40-20, relating to the requirement of a
5-34 trust or escrow checking account in order to engage in the
5-35 real estate business, and inserting in lieu thereof a new
5-36 Code Section 43-40-20 to read as follows:
5-37 "43-40-20.
5-38 (a) Each broker who accepts down payments, earnest money
5-39 deposits, security deposits, rents, association fees, or
5-40 other trust funds in a real estate brokerage transaction
-5-
6- 1 or whose affiliated licensees accept such trust funds
6- 2 shall maintain a separate, federally insured bank checking
6- 3 account in this state which shall be designated a trust or
6- 4 escrow account wherein all down payments, earnest money
6- 5 deposits, or other trust funds received by the broker or
6- 6 the broker's affiliated licensees, on behalf of a
6- 7 principal or any other person, shall be deposited. An
6- 8 account so designated and registered with the commission
6- 9 shall not be subject to attachment or garnishment. A
6-10 broker who does not accept trust funds in real estate
6-11 brokerage transactions is not required to maintain a
6-12 designated trust or escrow account; provided, however,
6-13 that if a broker does not maintain such a trust or escrow
6-14 account and later receives trust funds in a real estate
6-15 brokerage transaction, such broker must open the
6-16 designated trust or escrow account required by this
6-17 subsection within one business day of the receipt of such
6-18 trust funds.
6-19 (b) Each broker who is required to maintain a trust or
6-20 escrow account shall notify the commission of the name of
6-21 the bank in which the trust account is maintained and also
6-22 the number of the account or, if the bank does not use
6-23 numbered accounts, the name of the account on forms
6-24 provided therefor.
6-25 (c) Each broker who maintains a trust account shall
6-26 authorize the commission to examine such trust account by
6-27 a duly authorized representative of the commission. The
6-28 commission may examine such account at any time upon
6-29 reasonable cause. The commission shall examine each
6-30 broker's trust account or accounts during each renewal
6-31 period. In lieu of an examination of any such account or
6-32 accounts by a duly authorized representative of the
6-33 commission, the commission, in its discretion, may accept
6-34 a written report from a certified public accountant that
6-35 the broker's trust account or accounts are maintained in
6-36 accordance with the provisions of this chapter and its
6-37 attendant rules and regulations. In lieu of the renewal
6-38 period examination by a duly authorized representative of
6-39 the commission, the commission may accept with the
6-40 broker's renewal application and fee a summary of data on
6-41 the broker's trust account or accounts on a form prepared
6-42 by or approved by the commission if that data appears
6-43 complete and includes no indication of irregularities. The
6-44 commission, after initiating an authorized investigation,
6-45 may require that a broker supply to it written reports on
-6-
7- 1 the status of the broker's designated trust account or
7- 2 accounts.
7- 3 (d) A broker may maintain more than one trust account if
7- 4 the commission is advised of such account, as specified in
7- 5 subsections (a), (b), and (c) of this Code section.
7- 6 (e) A broker shall not be entitled to any part of the
7- 7 earnest money or other money paid to the broker in
7- 8 connection with any real estate transaction as part or all
7- 9 of the broker's commission or fee until the transaction
7-10 has been consummated or terminated.
7-11 (f) Any licensee, acting in the capacity of principal in
7-12 the sale of interests in real estate owned by such
7-13 licensee, shall deposit in a trust account in a state bank
7-14 or trust company or any foreign bank which authorizes the
7-15 commission to examine its records of such deposits those
7-16 parts of all payments received on contracts which are
7-17 necessary to meet any amounts concurrently due and payable
7-18 on any existing mortgages, contracts for deed or other
7-19 conveyancing instruments, reserves for taxes and
7-20 insurance, or any other encumbrance on such receipts. Such
7-21 deposits shall be maintained until disbursement is made
7-22 under the terms of the encumbrance pertaining thereto and
7-23 proper accounting on such property is made to the parties
7-24 entitled thereto.
7-25 (g) The commission, in its discretion, may allow a
7-26 nonresident broker who accepts any trust funds in a real
7-27 estate brokerage transaction to maintain the trust account
7-28 required in subsection (a) of this Code section in a bank
7-29 of such nonresident broker's state of residence, provided
7-30 that the commission is authorized to examine the account
7-31 at such time or times as the commission may elect and that
7-32 the licensee meets the requirements of any rules which the
7-33 commission may establish regarding the maintenance of such
7-34 accounts.
7-35 (h) Community association managers, salespersons, or
7-36 associate brokers who receive security deposits or other
7-37 trust funds on property they own or who receive payments
7-38 as described in subsection (f) of this Code section must
7-39 deposit those funds into a designated trust account
7-40 maintained by the broker with whom their licenses are
7-41 affiliated or in a designated trust account approved by
7-42 that broker. If the broker approves the affiliated
7-43 licensee's holding such trust funds in a designated trust
-7-
8- 1 account owned by the licensee, the broker shall assure
8- 2 that the bank in which the account is maintained
8- 3 designates the account as a trust account and the broker
8- 4 shall notify the commission of the name of the bank in
8- 5 which the account is maintained, the number of the
8- 6 account, and the name of the licensee who owns the
8- 7 account. The licensee who owns such account shall maintain
8- 8 such records on the account as are required by this
8- 9 chapter and the applicable rules and regulations for
8-10 brokers in maintaining their trust accounts. The licensee
8-11 who owns such account shall provide to such licensee's
8-12 broker on at least a quarterly basis a written
8-13 reconciliation statement comparing the licensee's total
8-14 trust liability with the reconciled bank balance of the
8-15 licensee's trust account."
8-16 SECTION 7.
8-17 Said chapter is further amended by striking in its entirety
8-18 subsection (a) of Code Section 43-40-25, relating to
8-19 violations by licensees, schools, and instructors and
8-20 sanctions therefor, and inserting in lieu thereof a new
8-21 subsection (a) to read as follows:
8-22 "(a) In accordance with the hearing procedures established
8-23 for contested cases by Chapter 13 of Title 50, the
8-24 'Georgia Administrative Procedure Act,' the commission
8-25 shall have the power to reprimand licensees and approved
8-26 schools or instructors; to revoke or suspend any license
8-27 issued under this chapter; to revoke the license of a real
8-28 estate broker or qualifying broker and simultaneously
8-29 issue such licensee a salesperson's license; to revoke or
8-30 suspend approval of any school or instructor; to impose a
8-31 fine not to exceed $1,000.00 for each violation of this
8-32 chapter or its rules and regulations with fines for
8-33 multiple violations limited to $2,000.00 $5,000.00 in any
8-34 one hearing; to require completion of a course of study in
8-35 real estate brokerage or instruction; to require the
8-36 filing of periodic reports by an independent accountant on
8-37 a real estate broker's designated trust account; or to
8-38 utilize any combination of these sanctions which the
8-39 commission may deem appropriate whenever a license, a
8-40 school approval, or an instructor approval has been
8-41 obtained by false or fraudulent representation or whenever
8-42 a licensee, an approved school, or an approved instructor
8-43 has been found guilty of a violation of this chapter, or
8-44 of the rules and regulations promulgated by the
-8-
9- 1 commission, or of any unfair trade practices, including,
9- 2 but not limited to, the following:
9- 3 (1) Because of race, color, religion, sex, disability,
9- 4 familial status, or national origin:
9- 5 (A) Refusing to sell or rent after the making of a
9- 6 bona fide offer, or refusing to negotiate for the sale
9- 7 or rental of, or otherwise making unavailable or
9- 8 denying, real estate to any person;
9- 9 (B) Discriminating against any person in the terms,
9-10 conditions, or privileges of sale or rental of real
9-11 estate or in the provision of services or facilities
9-12 in connection therewith;
9-13 (C) Making, printing, or publishing or causing to be
9-14 made, printed, or published any notice, statement, or
9-15 advertisement, with respect to the sale or rental of
9-16 real estate, that indicates any preference,
9-17 limitation, or discrimination or an intention to make
9-18 any such preference, limitation, or discrimination;
9-19 (D) Representing to any person that any real estate is
9-20 not available for inspection, sale, or rental when
9-21 such real estate is in fact so available; or
9-22 (E) Representing explicitly or implicitly that a
9-23 change has or will or may occur in a block,
9-24 neighborhood, or area in order to induce or discourage
9-25 the listing, purchasing, selling, or renting of real
9-26 estate;
9-27 (2) Intentionally advertising material which is
9-28 misleading or inaccurate or which in any way
9-29 misrepresents any property, terms, values, policies, or
9-30 services of the business conducted;
9-31 (3) Failing to account for and remit any money coming
9-32 into the licensee's possession which belongs to others;
9-33 (4) Commingling the money or other property of the
9-34 licensee's principals with the licensee's own;
9-35 (5) Failing to maintain and deposit in a separate,
9-36 federally insured checking account all money received by
9-37 said broker acting in said capacity, or as escrow agent
9-38 or the temporary custodian of the funds of others, in a
9-39 real estate transaction unless all parties having an
9-40 interest in said funds have agreed otherwise in writing;
-9-
10- 1 (6) Accepting, giving, or charging any undisclosed
10- 2 commission, rebate, or direct profit on expenditures
10- 3 made for a principal or any undisclosed commission,
10- 4 rebate, or direct profit for procuring a loan or
10- 5 insurance or for conducting a property inspection
10- 6 related to a real estate transaction;
10- 7 (7) Representing or attempting to represent a real
10- 8 estate broker, other than the broker holding the
10- 9 licensee's license, without the express knowledge and
10-10 consent of the broker holding the licensee's license;
10-11 (8) Accepting a commission or other valuable
10-12 consideration by a licensee from anyone other than the
10-13 broker holding that licensee's license without the
10-14 consent of that broker;
10-15 (9) Acting in the dual capacity of agent and undisclosed
10-16 principal in any transaction;
10-17 (10) Guaranteeing or authorizing any person to guarantee
10-18 future profits which may result from the resale of real
10-19 property;
10-20 (11) Placing a sign on any property offering it for sale
10-21 or rent without the written consent of the owner or the
10-22 owner's authorized agent and failing to remove such sign
10-23 within ten days after the expiration of listing;
10-24 (12) Offering real estate for sale or lease without the
10-25 knowledge and consent of the owner or the owner's
10-26 authorized agent or on terms other than those authorized
10-27 by the owner or the owner's authorized agent;
10-28 (13) Inducing any party to a contract of sale or lease,
10-29 a listing contract, an exclusive agency contract or
10-30 agreement, or a management agreement to break such
10-31 contract or agreement for the purpose of substituting in
10-32 lieu thereof any other contract or agreement with
10-33 another principal;
10-34 (14) Negotiating a sale, exchange, or lease of real
10-35 estate directly with an owner or lessor if the licensee
10-36 knows that such owner has a written outstanding contract
10-37 in connection with such property granting an exclusive
10-38 agency or an exclusive right to sell to another broker;
10-39 (15) Indicating that an opinion given to a potential
10-40 seller, purchaser, landlord, or tenant regarding a
10-41 listing, lease, rental, or purchase price is an
-10-
11- 1 appraisal unless such licensee holds an appraiser
11- 2 classification in accordance with Chapter 39A of this
11- 3 title;
11- 4 (16) Performing or attempting to perform any of the acts
11- 5 of a licensee on property located in another state
11- 6 without first having been properly licensed in that
11- 7 state or otherwise having complied fully with that
11- 8 state's laws regarding real estate brokerage;
11- 9 (17) Paying a commission or compensation to any person
11-10 for performing the services of a real estate licensee
11-11 who has not first secured the appropriate license under
11-12 this chapter or is not cooperating as a nonresident who
11-13 is licensed in such nonresident's state or foreign
11-14 country of residence, provided that nothing contained in
11-15 this subsection or any other provision of this Code
11-16 section shall be construed so as to prohibit the payment
11-17 of earned commissions:
11-18 (A) To the estate or heirs of a deceased real estate
11-19 licensee when such deceased real estate licensee had a
11-20 valid Georgia real estate license in effect at the
11-21 time the commission was earned and at the time of such
11-22 person's death; or
11-23 (B) To a citizen of another country acting as a
11-24 referral agent if that country does not license real
11-25 estate brokers and if the Georgia licensee paying such
11-26 commission or compensation obtains and maintains
11-27 reasonable written evidence that the payee is a
11-28 citizen of said other country, is not a resident of
11-29 this country, and is in the business of brokering real
11-30 estate in said other country;
11-31 (18) Failing to include a fixed date of expiration in
11-32 any written listing agreement and failing to leave a
11-33 copy of said agreement with the principal;
11-34 (19) Failing to deliver, within a reasonable time, a
11-35 completed copy of any purchase agreement or offer to buy
11-36 or sell real estate to the purchaser and to the seller;
11-37 (20) Failure by a broker to deliver to the seller in
11-38 every real estate transaction, at the time said
11-39 transaction is consummated, a complete, detailed closing
11-40 statement showing all of the receipts and disbursements
11-41 handled by such broker for the seller or failure to
11-42 deliver to the buyer a complete statement showing all
-11-
12- 1 money received in said transaction from such buyer and
12- 2 how and for what the same was disbursed; the broker
12- 3 shall retain true copies of such statements in the
12- 4 broker's files;
12- 5 (21) Making any substantial misrepresentations;
12- 6 (22) Acting for more than one party in a transaction
12- 7 without the express written consent of all parties to
12- 8 the transaction;
12- 9 (23) Failure of an associate broker, salesperson, or
12-10 community association manager to place, as soon after
12-11 receipt as is practicably possible, in the custody of
12-12 the broker holding the licensee's license any deposit
12-13 money or other money or funds entrusted to the licensee
12-14 by any person dealing with the licensee as the
12-15 representative of the licensee's licensed broker;
12-16 (24) Filing a listing contract or any document or
12-17 instrument purporting to create a lien based on a
12-18 listing contract for the purpose of casting a cloud upon
12-19 the title to real estate when no valid claim under said
12-20 listing contract exists;
12-21 (25) Having demonstrated incompetency to act as a real
12-22 estate licensee in such manner as to safeguard the
12-23 interest of the public or any other conduct whether of
12-24 the same or a different character than heretofore
12-25 specified which constitutes dishonest dealing;
12-26 (26) Obtaining an exclusive listing, sales contract, or
12-27 management agreement from any owner while knowing or
12-28 having reason to believe that another broker has an
12-29 exclusive listing on the property, unless the licensee
12-30 has written permission from the broker having the first
12-31 exclusive listing; provided, however, that
12-32 notwithstanding the provisions of this paragraph, a
12-33 licensee shall be permitted to present a proposal or bid
12-34 for community association management if requested to do
12-35 so in writing from a community association board of
12-36 directors;
12-37 (27) Failing to keep for a period of three years a true
12-38 and correct copy of all sales contracts, closing
12-39 statements, and other documents relating to real estate
12-40 closings or failing to produce documents at the
12-41 reasonable request of the commission or any of its
12-42 agents for their inspection;
-12-
13- 1 (28) Being or becoming a party to any falsification of
13- 2 any portion of any contract or other document involved
13- 3 in any real estate transaction;
13- 4 (29) Conducting the closing of any real estate
13- 5 transaction by any licensee except a broker unless the
13- 6 licensee acts under the supervision of the broker under
13- 7 whom such licensee is licensed or under the supervision
13- 8 of a practicing attorney with the knowledge and consent
13- 9 of the broker;
13-10 (30) Failing to obtain the written agreement of the
13-11 parties indicating to whom the broker shall pay any
13-12 interest earned on trust funds deposited into an
13-13 interest-bearing checking account prior to depositing
13-14 those funds into such account;
13-15 (31) Failing to disclose in a timely manner to all
13-16 parties in a real estate transaction any agency
13-17 relationship that the licensee may have with any of the
13-18 parties;
13-19 (32) Attempting to perform any act authorized by this
13-20 chapter to be performed only by a broker, associate
13-21 broker, or salesperson while licensed as a community
13-22 association manager; or
13-23 (33) Attempting to sell, lease, or exchange the property
13-24 of any member of a community association to which a
13-25 licensee is providing community association management
13-26 services without the express written consent of that
13-27 association to do so;
13-28 (34) Inducing any person to alter, modify, or change
13-29 another licensee's fee or commission for real estate
13-30 brokerage services without that licensee's prior written
13-31 consent; or
13-32 (35) Failing to obtain a person's agreement to refer
13-33 that person to another licensee for brokerage or
13-34 relocation services and to inform such person being
13-35 referred whether or not the licensee will receive a
13-36 valuable consideration for such referral."
13-37 SECTION 8.
13-38 All laws and parts of laws in conflict with this Act are
13-39 repealed.
-13-
Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 04/20/98