BrokerageIndustry News

Realtors win some, lose some in California Legislature

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The California Association of Realtors trade group succeeded in its legislative push to heighten pre-licensing requirements for prospective real estate salespersons, but failed in a bid to raise the bar for broker licensing. Assembly Bill 2429, which was signed by the governor Sept. 14 and becomes active Oct. 1, 2007, requires that all real estate professionals must complete three pre-license courses prior to taking a license examination. The bill passed the state Senate 37-1 and the Assembly 77-1. Existing law provides that applicants may either take three real estate classes and then pass an exam to receive a four-year license or may take one class and then take the exam to obtain a conditional license. And the applicants who opt for the conditional license can take the other classes during the first 18 months of real estate licensure. According to the association's latest legislative report, updated Oct. 11, the state Department of Real Estate reported that about 85 percent of new ...