State Roundup: Tennessee, Illinois, Indiana, Wisconsin, and South Carolina
February 1, 2005
Tennessee: School days
The Metro Nashville School District recently held a class for members of the Greater Nashville Association of REALTORS®. The lesson: how the schools are improving. School officials discussed rising ACT and SAT scores at district schools and provided a heads-up on upcoming school events, athletic activities, and school property additions. The lesson was designed to arm practitioners with information on the district’s latest accomplishments so that they can provide the most up-to-date data to homebuyers. “With the information, our members can provide solid, reliable facts to aid buyers making housing decisions,” says Jay Lowenthal, 2004 GNAR president. GNAR has an ongoing relationship with the school district.
South Carolina: Agency adjustments
Licensees must provide a brochure spelling out their agency relationship with their clients and customers under law changes that took effect Jan. 1. Other changes include new designated and dual agency agreements, which spell out the terms of agency relationships, and new procedures for handling escrow and security deposits for sale and lease agreements. The changes also add legal protections for licensees who disclose known defects to buyers.
Illinois, Indiana, Wisconsin: Three-way reciprocity
State policymakers have signed reciprocity agreements allowing brokers and sales associates licensed in any of these three states to do business in the others. To obtain reciprocity, salespeople must take a pre-license exam and brokers must take a broker exam for the particular state. Broker applicants must have been licensed, active brokers for two years immediately before taking the exam. REALTOR® associations in the three states are working together to provide study guides for members who want to prepare for the tests, says Rick Staff, general counsel at the Wisconsin REALTORS® Association.
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Updated: September 30, 2022