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New Real Estate Administrative Rules

Rule Number Rule Sub-Heading Effective Date
R162-2f-202b A new subsection (5) provides that a property management company that is not registered under a dual broker license is no longer prohibited from engaging in the business of real estate. The subsection also creates a process by which the Division will convert existing property management registrations and licenses to real estate registrations and licenses. May 8, 2013
R162-2f-401a Existing language is amended to clarify (1) that a licensee is required to obtain an agency agreement as to all sellers or buyers the licensee represents; and (2) that parties under a contract for new construction may use forms that are not approved by the state as long as they comply with Section 61-2f-306(2)(b)-(c). May 8, 2013
R162-2f-401b Existing language is amended to clarify (1) that a nominal payment, up to $200 per lease, to an unlicensed employee or current tenant in a property management transaction does not constitute unprofessional conduct; and (2) that a licensee may not charge inflated or unearned fees in a real estate transaction. May 8, 2013
R162-2f-401c Record-keeping requirements are moved into a new subsection. Language is modified to clarify how the existing requirements apply differently in real estate and property management transactions. May 8, 2013
R162-2f-401j Existing language is amended to clarify a principal broker's supervisory duties in property management transactions, particularly as to unlicensed employees. May 8, 2013
R162-2f-401k This is a new section in which all existing requirements regarding record retention and management are combined for easy reference. May 8, 2013
R162-2f-403a-403c The existing trust account standards and requirements are divided into three sections: one for general provisions that apply to all trust accounts; one for provisions that apply specifically to real estate trust accounts; and one for provisions that apply specifically to property management trust accounts. May 8, 2013
R162-2f-102 The terms "correspondence course", "non-certified education", and education "provider" are defined. June 21, 2013
R162-2f-206a Real estate school certification requirements are clarified. Each schools is required (a) to provide the Division with its course completion policy; and (b) to specify whether each course offering is intended to satisfy prelicensing or continuing education requirements. Schools are required to disclose to students any possibility of obtaining an education waiver. June 21,2013
R162-2f-206b A school that applies for certification of a prelicensing course must (a) specify whether the course offering is intended to satisfy sales agent or broker educational requirements; and (b) provide the Division with a description of the complaint process the school uses to resolve student grievances. Schools are required to ensure that their course offerings are up-to-date with the current real estate statutes and rules. June 21, 2013
R162-2f-206c The list of continuing education topics that may be offered as elective (non-core) credit is expanded to include courses that instruct students how a specific technology can directly benefit consumers or enable licensees to be more proficient in performing agency responsibilities. June 21, 2013
R162-2f-206d The examination required of an applicant for initial certification as a prelicensing course instructor must be passed with a minimum score of 80% within the six-month period preceding the date of application. June 21, 2013
R162-2f-206e The two-day division-sponsored instructor development workshop may not be used to satisfy the requirement that an applicant for certification as a continuing education course instructor demonstrate the ability to teach. An applicant must present evidence of at least one year full-time teaching experience, or its equivalent. June 21, 2013
R162-2f-401d Schools are required to have each enrollee verify that the Division has not issued an education waiver. Schools are no longer required to return to the Division student evaluations of each course taught. June 21, 2013



Rule amendments that are out for public comment and may be viewed at: