Jim Hogan
We are pleased to say Jim Hogan has been reappointed to the Education Advisory Committee by Commissioner Judy Lowe.
New Requirements Broker Management Clinic and Broker Trust Account Legislation, effective 1/1/2013 (House Bill 2357) – The Broker Management Clinic legislation was based on a recommendation from the Real Estate Advisory Board. This legislation increases the number of Broker Management Clinic (BMC) continuing education (CE) credit hours that designated real estate brokers and other associate brokers designated to review documents pursuant to A.R.S. § 32-2151.01 (G) must complete for license renewal to 30 from 24 credit hours, with the additional 6 credit hours being in BMC. New real estate broker license applicants will need to complete the 9 hours of BMCs to qualify for licensure on or after the effective date. On May 9, 2012, the Real Estate Advisory Board approved the following motion:
Recommend that ADRE appoint a real estate industry stakeholder group, charged with recommending to ADRE for consideration, a standard, as well as guidelines for course approval and for Broker Management Clinic instructor qualifications per ADRE education statutes, including the 2012 legislation in House Bill 2357. ADRE may distribute a substantive policy statement by August 1, 2012.
The stakeholder group (“committee”) may take the “shall” topics in the new legislation and group them accordingly in to 3 separate BMCs. Any recommendations by the committee will be proposed to Commissioner Lowe for consideration and final approval, which may be followed by a substantive policy statement and revised course and instructor applications. The committee will meet over the summer so that there is adequate time prior to the legislative effective date for schools to file new BMC course applications to meet the new requirements on or after September 1, 2012.
Designated Brokers or delegated Associate Brokers impacted by the new legislation who are within a current 24 month license period and have completed the current BMC renewal requirements prior to January 1, 2013, but do not renew their licenses for that period until after that date may renew their license without meeting the new BMC course requirements pursuant to A.A.C. R4-28-402(A)(9).
The bill also increases the maximum dollar amount a broker may hold of their personal funds in a Broker Trust Account from $500 to $3,000. (Also effective January 1, 2013)
We will keep you posted on these changes as they are made available to us.
