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The Real Estate Commission has placed a two year moratorium on any changes to the real estate forms with the exception of any required legislative changes that may occur. If there are no legislative changes any new changes to the forms will not be effective until January 1, 2016. During this two year pause the Commission and Forms Committee will explore ways to simplify the real estate forms to make them easier to use and understand. Keep checking this webpage for updates on this process.
Real estate brokers are required to use Commission approved contracts and forms as appropriate to a transaction or circumstance.
If a real estate broker is a party to a transaction (e.g., listing contract, or a purchase and sale contract and broker is acting as a principal), such broker may engage counsel to prepare a form for the transaction so long as the form conspicuously states the form is not a Commission-approved form. If a real estate broker uses an attorney-prepared form as provided in Rule F-7, such broker shall continue to be responsible to make all required disclosures to all parties under applicable laws, rules and regulations governing real estate brokers. Other forms used by a broker shall not be prepared by a broker, unless otherwise permitted by law.
The Commission and Forms Committee is interested in any suggestions for improvement of the real estate forms. If you wish to suggest changes, click here.
The records of licensed brokerage activity must be retained for four years. Licensees must produce records concerning licensed activity and the operation of the trust accounts upon request of the Commission.
Real Estate Brokers are required to disclose affiliated business arrangements at specific times. Click here for more information.