Real estate.

The Real Estate Law provides for the regulation and licensure of real estate brokers and salespersons by the Real Estate Commissioner. As used in the Real Estate Law, the term "advance fee" is defined as a fee, regardless of the form, that is claimed, demanded, charged, received, or collected by a licensee from a principal before fully completing each and every service the licensee contracted to perform, or represented would be performed, with certain exceptions. This bill would redefine the term "advance fee" to mean a fee, regardless of the form, that is claimed, demanded, charged, received, or collected by a licensee for services requiring a license, or for a listing, as defined, before fully completing the service the licensee contracted to perform or represented would be performed, with certain exceptions. The bill would, in addition to the existing exceptions, also exempt from the definition of advance fee moneys claimed, demanded, charged, received, or collected for the purposes of advertising the sale, lease, or exchange of real property or a business opportunity in a newspaper, written publication, or other electronic media, as specified, or moneys earned for real estate services under a limited service contract, as defined, for stand-alone services. The bill would also exempt from that definition a contract between a real estate broker and a principal that requires payment of a commission to the broker after the contract is fully performed.