Becoming a Broker: BRAC Weighs Experience Vs. Education

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.