SENATE BILL 538

File Code: Business Regulation and Occupations

Sponsored By:

Senator Zirkin

Entitled:

Real Estate Brokers - Contracts - Real Estate Reform Act of 2012

Synopsis:

Establishing that a presumed agency relationship between a real estate broker licensee and a buyer or lessee terminates if 3 months have passed since the licensee and the buyer or lessee entered into the relationship; establishing that the burden is on the licensee to establish that a presumed agency relationship has not terminated under specified provisions of law; requiring a brokerage agreement to contain a termination date no later than 90 days after the date on which the agreement was entered into; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occurring in the Chambers otherwise Calendar date is used. For explanation of terms click here.

Senate Action

2/3

First Reading Judicial Proceedings

2/8

Hearing 3/8 at 1:00 p.m.

House Action

No Action

Bill indexed under the following Subjects:

Agents and Brokers

Attorneys' Fees

Consumer Protection -see also- Unfair Trade Practices

Contracts -see also- Land Installment Contracts; Procurement

Court Costs

Leases and Rent

Licenses -see also- Alcoholic Bev Lic; Drivers' Licenses

Real Estate -see also- Agents and Brokers

Salaries -see also- Overtime; Reimbursement Rates

Bill affects the following Statutes:

Business Occupations and Professions

( 17-533 , 17-534 )

Real Property

( 14-105 , 14-105.1 )

Documents

All documents except Roll Call Votes are displayed in PDF format:

Bill Text: First Reading, Third Reading, Enrolled

Fiscal and Policy Note: Available

Amendments: None offered