A bill sponsored by the California Association of Realtors that closes an important loophole in an applicant’s experience requirements for a real estate broker’s license has been signed into law.
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.
Assembly Bill 1718 (Hill, D-So. San Francisco) clarifies that the degree claimed as an exception must actually include a major or minor in real estate.