The Department of Business Regulation plans to amend its licensing regulations. Here is a summary of the amendments:
Section 2.9 License Renewal Team: Staggers the license renewal process for new licensees. Anyone who is issued a new license on or after January 1, 2020 would renew two years later on the anniversary date of the issuance of his/her license. Anyone who currently holds a license or is issued one in 2019 would continue to renew by May 1 in even years.
Section 2.21 Commissions: Requires real estate licensees to disclose if a member of their household is involved in a transaction. Changes the penalty for a license fails to disclose in writing in advance that he or she has a conflict of interest. The existing regulation states that a real estate licensee forfeits his or her entire commission, potentially losing thousands of dollars, for failing to disclose a conflict of interest in writing. The penalty would be a maximum of $2,000 per offense, which is the same amount that applies to all other violations of DBR regulations and laws.
Section 2.25 Advertising: Removes the reference to branch offices in the advertising section. DBR eliminated separate requirements for branch offices a number of years ago, but never updated this section of the regulations.
The other revisions consist of clean up language, such as replacing “§” with “Chapter” throughout the regulations.
None of these amendments relates to real estate teams. The Real Estate Commission plans to discuss the DBR Team Bulletin at its next meeting on Thursday, October 10th.
The notice and proposed amendments can be accessed here: https://rules.sos.ri.gov/promulgations/part/230-30-20-2.
If you would like to submit written comments about the proposed amendments to DBR, please email them to William Deluca at William.email@example.com on or before September 21, 2019.