During its July 18 meeting, the Broker Responsibility Advisory Committee (BRAC) reviewed the over 42 pages of public comments it received regarding education and experience required to become a broker. This has been a topic of discussion throughout multiple iterations of the former Broker Responsibility Working Group. BRAC began its initial discussion of this topic at its last meeting.

Currently, to become a licensed broker, 900 education hours are required (630 of these hours are required to be in related education). If an applicant holds a bachelor’s degree or higher, the 630 hours of related education are satisfied, regardless of field of study. However, BRAC discussed recommending only awarding credit for real estate-related education and eliminating the credit awarded for those with degrees. The committee also discussed an alternative route for brokers to use experience as a substitute for some of the required 630 hours. This discussion will resume at the next meeting on October 15.

Wholesaling Disclosure Requirements

BRAC discussed the written disclosure requirements to a buyer and seller when an individual intends to engage in the act of wholesaling. Failure to do so constitutes unlicensed activity. BRAC will recommend the Broker-Lawyer Committee consider contract changes related to this written disclosure.