The Department of Business Regulation has proposed changes to its regulations to clarify how they apply to teams and to implement a new fair housing/ADA educational requirement for real estate licensees. These changes would take effect on January 1, 2022.

Teams:

• Confirms that teams cannot have their own escrow account.
• Confirms that all advertising, including signs and social media, must include the name of the broker more conspicuously than the name of the team or licensee.
• Regulates team names to avoid consumer confusion.
• Allows teams to form a single member LLC to collect money from team members to pay joint expenses.
• Confirms that licensees, including team members, must be paid by the brokerage.
• Requires principal brokers to review team names logo; monitor team advertising; keep a current list of team members; and supervise teams.
• Requires teams to identify all licensed team members who will assist a consumer on the Mandatory Real Estate Relationship Disclosure form.

More on DBR Requirements for Team Names :
Starting on January 1, 2022, the Department of Business Regulation will implement new fair housing/ADA educational requirements for real estate licensees. Here are two key changes about team names.

• All team names must include “team” or “group.”
• Team names cannot include the following words or variations on them: Agency Associates Brokerage Brokers Company Corporation Corp. Inc. Firm LLC, LP, LLP, Partners, Partnership,  Property, Properties, or Realty.

Fair Housing:

As a result of the new laws:

• Licensees must complete three hours of fair housing or ADA continuing education during each two-year license renewal cycle.  
• The law exempts attorneys, licensees who are grandfathered, and reciprocal licensees.

To review these changes, attend the public hearing on Zoom, or submit a comment, read this announcement from DBR:
Please be advised that the Department of Business Regulation has proposed amendments to the Real Estate Brokers and Salespersons Regulation, 230-RICR-30-20-2. Written comments should be submitted no later than December 23, 2021, via the on the Secretary of State’s Rulemaking Website under the “Comments” tab or by email to [email protected]. The proposed amendments and summary of changes can be accessed by the links in this email on the Secretary of State’s website.

A public hearing will be held remotely, via Zoom on December 16, 2021, at 10:00 am. At the scheduled time click here https://us02web.zoom.us/j/88490605207 or Join the Webinar by Phone: 833 548 0276 (Toll Free) or 833 548 0282 (Toll Free), Webinar ID: 884 9060 5207.