On October 1, 2024, the Real Estate Commission adopted CP-30 Commission Position on Data Security and Privacy. Based on stakeholder feedback that the Division received prior to the Commission meeting, and the comments made during the Commission meeting itself, it appears that there is a confusion regarding the purpose of the position statements.
There are two boards in the Division of Real Estate that issue position statements: the Real Estate Commission and the Board of Mortgage Loan Originators. The Board of Real Estate Appraisers does not issue position statements, and instead relies on the comprehensive body of Advisory Opinions and FAQs that are published in conjunction with the Uniform Standards of Professional Appraisal Practice. A position statement is not a rule, regulation or a statute. Position statements are non-binding direction on relevant laws and regulations, including but not limited to, the practice act and program rules. Depending on the issue addressed within a position statement, the content may present best practices for the regulated industry. For some licensees, a position statement may serve to provide guidance in unique circumstances, such as what should a broker do with an unclaimed security deposit; or a position statement may present the initial information necessary for a practitioner to best evaluate how to become competent in a particular practice area, such as commercial or property management. Position statements can also be used to serve as notice to licensees that the commission or board has concerns about a particular practice before a rule is adopted and enforced. The Real Estate Commission previously did this with competency.
Position statements are prepared in plain language so that they are short, concise and easy to understand. They may be updated, deleted or added from time to time. Reviewing and understanding the position statements is an important part of being an informed licensee. Electronic copies of the position statements issued by the Real Estate Commission can be found here. Electronic copies of the position statements issued by the Board of Mortgage Loan Originators can be found here.
