Real estate transactions; required disclosure forms; description of brokerage services; terms of compensation; required written brokerage agreements under certain circumstances; penalties and fines for certain violations; duties of qualifying brokers and licensees; scope of operation of teams

Updated statutory definitions to include new terms such as 'TEAM', 'PLACE OF BUSINESS', and 'PRINCIPAL BROKER', while renumbering existing definitions.

Added specific requirements for when written brokerage agreements must be executed, clarifying that they are required when a licensee lists property or submits offers on behalf of a consumer.

Established new provisions for real estate teams, defining them as two or more licensees within the same company who work together as a distinct group.

Modified office location requirements to allow hardship waivers for rural brokers operating from home, while maintaining separate office requirements for urban licensees.

Corrected section number references and renumbered statutory definitions throughout the bill to align with the final legislative text.