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New Year Brings New Licensing Law for Real Estate Agents

The Delaware legislature passed a bill on June 30, 2011 creating an entirely new Real Estate License Act (the “Act”) governing Delaware real estate agents that becomes effective January 1, 2012.  The new Act made extensive revisions to the Real Estate Commission’s licensing law.  There are many new terms and definitions designed to modernize Delaware’s licensing statute.  The following are some of the significant changes:

  • The Act creates three licenses:  Broker, Associate Broker and Licensee (salesperson).
  • The Act now defines a Comparative Market Analysis and that it can be provided by the agent for a potential listing price or a potential offering price.
  • The Act now allows the Real Estate Commission to issue Cease and Desist Orders and provide fines against those practicing real estate sales without a license.
  • The new Act creates several methods whereby an out-of-state real estate agent may obtain a Delaware license (reciprocal licensure).  This section ensures that the Real Estate Commission has the authority to consider the out-of-state agent’s disciplinary history in other jurisdictions.
  • The Act now permits real estate agents to become affiliated with more than one Broker of Record as long as each broker gives written approval of consent to affiliation.
  • The new Act provides that Statutory Agency will be presumed and not predicated on the signing of the Consumer Information Statement.  Additionally, the Act provides Statutory Agency begins on the first contact between the real estate agent and the member of the public.

For more information, please contact the Delaware real estate attorneys at Elzufon Austin & Mondell, P.A.

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