As a reminder, the Commission rules have been re-organized, re-indexed, re-formatted into nine (9) chapters as well as being written in plain language for easier use and understanding of the Real Estate Practice Act. These rules were effective beginning January 1, 2020.
To assist with your review of the rules, the Division has highlighted the significant substantive changes to the rules. Please click the link below to read the rules and the summary of the substantive changes.
Additionally, the Division has posted the updated Transaction File Checklist to the website. Pursuant to Commission Rule 6.20 (Transaction File Requirements), this new rule clarifies that both a Broker and the Brokerage Firm must retain transaction files for a period of four (4) years. The retention period begins from the transaction close date or the expiration date of any Listing Contracts that do not end up closing. Please review the Transaction File Checklist for common records to be retained for both sales and property management files to ensure compliance with Commission Rule 6.20.