New Agency Disclosure Bills

The State Of California In Their Fashion Has Passed Two New Bills

AB 1289 and AB2884. They were sponsored by CAR. On both bills the final votes in the Assembly was 80-0 and in the Senate 39-0. Not too much controversy.

CAR calls them “clean-up legislation” and they changed large segments of the Civil Code and the B and P Code. They may be clean-up but they sure killed a lot of trees. The bills and the changes are long, and the new code has the existing code not changed in black, the code eliminated in red, and the new musings in blue. The code is a montage of colors. It reminds me of any essay I ever submitted to Miss Bolton at Franklin Junior High.

Effective January 1, 2019 (Which Is Coming Sooner Than You Think)

The changes will necessitate CAR designing a new Agency Agreement. There are spaces for firm and DRE number and one for the Associate and their number. The term dual agent has been added. Remember when one firm has both sides everyone is dual agents.

The terms selling agent and listing agent have been replaced by buyer’s agent and seller’s agent.

Currently, an exclusive buyer’s agent must give an Agency Disclosure to the seller. It was complete duplication so after 30 years they have eliminated this requirement.

Also, for some reason which I do not understand, responsible brokers will no longer be required to maintain physical possession of salespersons’ licenses.

The listing formerly known as the Exclusive Agent Listing will now be known as the “seller reserved listing agreement”.

AND The Biggie To Me:

The Agency Disclosure form will now have to be given on all real property transfers including vacant land.

Any Questions Realtors:

Contact your CAR Hotline, they have very capable attorneys and your dues support them.

And, someday CAR and agency pundits will start referring to individual agents as associates. There is only one agent in each firm.

Say Goodnite Gracie.

No comments yet.

Leave a Reply

More Information & Classes -