Insurance and Real Estate Committee
AN ACT CONCERNING LICENSURE REQUIREMENTS FOR REAL ESTATE BROKERS
SUMMARY: This act changes the education requirements for an initial real estate broker license. Specifically, it requires a license applicant to successfully complete a 15-hour course in real estate legal compliance and a 15-hour course in real estate brokerage principles and practices, instead of a 30-hour course in real estate appraisal and another 30-hour course prescribed by the Real Estate Commission. The act requires an applicant to also complete two 15-hour elective courses prescribed by the commission, unless the applicant has successfully completed at least 20 real estate transactions in the previous five years. The act defines a “real estate transaction” as a legal transfer of real property or execution of a lease agreement.
By law, unchanged by the act, an applicant for an initial real estate broker license must also (1) be at least age 18; (2) have a good reputation for honesty, truthfulness, and fair dealing; (3) pass a written test; (4) have been a licensed real estate salesperson for at least two years under the supervision of a real estate broker; and (5) successfully complete a 60-hour course in real estate principles and practices approved by the Real Estate Commission. The commission may approve experience or education equivalent to what the law and the act require.
EFFECTIVE DATE: July 1, 2016
OLR Tracking: JLK: JO: PF: cmg