Bill description: HB 457 would require that licensed real estate agents meet the board’s continuing education requirements within six months of obtaining their initial license.This legislation would also add new courses for brokers to complete.
Does it give government any new, additional, or expanded power to prohibit, restrict, or regulate activities in the free market? Conversely, does it eliminate or reduce government intervention in the market?
HB 457 would require that all real estate salespersons complete the mandatory post-license course within six months of obtaining their initial license. Currently, licensees have two years to complete this course, which consists of 12 hours of training.
Pushing up this requirement would restrict the options available to licensees. For those who fail to take the course within the allotted time, they would lose their active license status and would be prohibited from working as a real estate agent.
Does it increase barriers to entry into the market? Examples include occupational licensure, the minimum wage, and restrictions on home businesses. Conversely, does it remove barriers to entry into the market?
HB 457 would also add new courses that brokers would have to complete to renew their license. Brokers are those who oversee real estate transactions and operate a real estate business (i.e., a brokerage).
Under the new continuing education requirements, brokers would have to sit through two broker renewal courses, for a total of eight hours of classroom time. This would be done in addition to the renewal requirements for salesperson. These requirements are 12 hours of general classroom instruction, and two commission core courses, each of which includes four hours of classroom instruction. Brokers are required to renew their license every two years and have to complete these courses prior to every renewal.
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