HB 171 -- Real Estate

Co-Sponsors:  Wood, Portwood, Behnen, St. Onge, Schneider

This bill contains provisions pertaining to the practice of real
estate.  The bill:

(1)  Adds Internet web sites to the licensing exemption, when in
the case of advertising real estate, the advertising is
incidental to their normal business operations;

(2)  Removes the requirement of land developers selling their own
property from having on file with the Real Estate Commission a
certified copy of a currently effective statement of record from
the Office of Interstate Land Sales;

(3)  Allows the commission to issue temporary work permits to
individuals who have satisfied all licensing requirements prior
to the final review and printing of their licenses;

(4)  Grants entities providing continuing education the authority
to do so through the means of distance delivery;

(5)  Gives the commission authority, when conducting
investigations of complaints involving affiliated licensees, to
forward copies of the information regarding the complaint to the
affiliated licensee's broker;

(6)  Gives the commission authority, when a licensee fails to
renew or surrender his or her license and the commission finds
the licensee to be in violation of certain provisions, to cause
complaints to be filed with the Administrative Hearing
Commission;

(7)  Requires real estate brokers holding funds belonging to
another party in a real estate transaction to maintain the funds
in a separate account designated as an escrow or trust account.
Brokers may not commingle their own personal funds or any other
moneys in this account with the exception that a broker may
deposit an amount not to exceed $1,000 specifically identified
for the purpose of covering service charges related to the
account.  When brokers decide not to maintain an escrow account,
they must notify the commission.  If they decide to open an
escrow account, they must notify the commission within 10
business days of doing so.  In the case of disputes regarding
ownership of escrow moneys, the funds must be deposited with the
State Treasurer within 180 days of the original deposit.  The
funds will be held in trust until the dispute can be resolved;

(8)  Increases the amount of compensation which each member of
the commission receives from $50 to $75;

(9)  Requires designated brokers who have affiliated licensees to
adopt a written policy describing their relationships in regard
to their real estate activities; and

(10)  Repeals the provisions relating to escrow agents.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:11 am