AB 1718 Signed Into Law

Late last month, Gov. Jerry Brown signed AB 1718, a C.A.R.-sponsored bill that closes an important loophole in an applicant’s experience requirements for a real estate broker’s license.  Typically, in addition to meeting stringent educational requirements and passing a brokers’ exam, an applicant for a real estate broker’s license must first become a salesperson and acquire at least two years of full time experience in real estate, working under the supervision of a broker, before one can become a broker.  Existing law allows an exception to the experience requirement for a college degree, “which included a specialization in real estate.”  Over the years, the “degree broker” exception has been interpreted to apply to any degree.  Effective Jan. 1, 2013, the new law clarifies that the degree claimed as an exception must actually include a major or minor in real estate.  The Department of Real Estate has issued an FAQ to provide details of the new law