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2018 SESSION
HB 862 Real estate licenses; required to obtain a business entity license.
Introduced by: Christopher K. Peace | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Professions and occupations; real estate licenses; real estate teams. Requires real estate teams as defined in the bill to obtain a business entity salesperson's license from the Real Estate Board (the Board). The bill requires a principal broker to obtain a branch office license from the Board for each place of business maintained by such principal broker within the Commonwealth. The bill also expands the responsibilities of supervising brokers as defined in the bill and requires that as a condition of the renewal of a branch office license, the supervising broker shall provide to the Board the name and license number of each real estate licensee affiliated with the branch office at the time of the renewal. The bill has a delayed effective date of January 1, 2019. This bill is identical to SB 758.
SUMMARY AS INTRODUCED:
Professions and occupations; real estate licenses; real estate teams. Requires real estate teams as defined in the bill to obtain a business entity license, meaning a real estate firm license or a business entity salesperson's license, from the Real Estate Board (the Board). The bill also expands the responsibilities of supervising brokers and requires that as a condition of the renewal of the license of a supervising broker of a branch office, such broker shall provide to the Board the name and license number of each real estate licensee affiliated with the branch office at the time of the renewal. The bill has a delayed effective date of January 1, 2019.