RULE 076.00.01-004 - Regulation 4.1 - Applications, Education, Experience; Regulation 7.7 - Death of Principal Broker, Closing of Business; Regulation 10.8 - Trust Funds, Trust Accounts; Regulation 11.5 - Post-license Education Requirements

RULE 076.00.01-004. Regulation 4.1 - Applications, Education, Experience; Regulation 7.7 - Death of Principal Broker, Closing of Business; Regulation 10.8 - Trust Funds, Trust Accounts; Regulation 11.5 - Post-license Education Requirements

Regulation 4.1 Applications; Education; Experience

Changes clarify content of sixty (60) classroom hours and delete the thirty (30) classroom hour Basic Broker Course requirement that will be required as post-license education beginning January 1, 2002 as required by ACT 748 of 2001.

Effective date January 1, 2002

Regulation 7.7 Death of Principal Broker; Closing of Business

Changes are a result of ACT 1172 of 2001 that authorizes the Commission to permit the real estate firm to continue operating upon the death, resignation, termination, or incapacity of the principal broker, or the closing of a real estate firm, under the direction of a person approved by the Commission.

Regulation 10.8 Trust Funds; Trust Accounts

To increase the number of days to deposit earnest money into the Trust account or be delivered to an escrow agent and to clarify if the third day falls on a weekend or holiday.

Regulation 11.5 Post-license Education Requirements

To establish post-licensure education requirements pursuant to ACT 748 of 2001.

(11/28/2001)

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