Grants the Division of Real Estate enforcement authority over appraisal management companies who fail to return a national registry reporting form.Requires a registered appraisal management company to return a national registry reporting form on or before May 31st of each year.Division service fees – National registry form and fees – Suspension and revocation of registration – removal from national registry. Allows a title company to distribute commissions directly to a sales agent or associate broker according to written instructions from the principal broker.Ħ1-2e-205.Grants the Division of Real Estate enforcement authority over these agreements.States that a recorded residential property service agreement may be a violation of the Wrongful Lien Act.rest in the property to petition the court t.Prohibits the recording of these agreements.States that residential property service agreements entered into after May 3, 2023, are void.Prohibits the assignment of the right to provide the service without notice and agreement by the owners.Prohibits a residential property service agreement from creating a lien, encumbrance, or other real property security interest.Prohibits a residential property service agreement from binding future owners.Prohibits a residential property service agreement from running with the land.Prohibits services provided under a residential property service agreement to begin more than one year after the agreement is signed.Prohibited residential property service agreements – Recording – Damages – Actual or constructive notice. Residential property service agreement andĥ7-30-201.This article only highlights the changes made if you have questions, please read the exact language in the bill or contact the Division. 211, 4th Substitute will go into effect on May 3, 2023. The Division appreciates the support we received from Representative Musselman and Senator Cullimore. All changes were discussed with the Real Estate Commission and Appraiser Board. The changes in this year's bill affect real estate and appraisal management companies. The changes in this bill would prohibit this conduct. This practice involves licensees who pay a nominal fee to homeowners to essentially lock the owner into using their brokerage services for 40 years. 211, 4th Substitute address a concerning real estate practice the Division and Real Estate Commission recently learned about. 211, 4th Substitute, Real Estate Amendments. In the 2023 Legislative Session, Representative Cal Musselman and Senator Kirk Cullimore assisted the Division by running H.B.
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