In large part, this bill makes various technical, clarifying, and conforming updates to the chapter of law regulating real estate brokers and salespersons.

 

More substantive provisions include:

 

Section 23 allows a buyer's broker agreement to contain an override clause of up to two years in length when used in conjunction with the purchase or sale of a business.

 

Section 26 requires advertising by a licensee to more prominently display the brokerage name than the licensee's name. Deletes the requirement that in all advertising the licensee identify as either a broker or salesperson.

 

Section 27 allows compensation be paid to a licensee when authorized in writing by the broker to whom the licensee is or was licensed at the time of the transaction.

 

Section 35 allows disposition of earnest money pursuant to agreement of the parties, rather than the current requirement that earnest money be deposited in the listing broker's trust account within three days of delivery of the check. If the agreement is silent, the earnest money must be deposited within three days of receipt or final acceptance of the purchase agreement, whichever is later. Conditions for disbursement of trust funds are specified.

 

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