To permit and require real estate brokerage firms to pay realtors leaving the commission they are entitled on open contracts.
What changed between versions
Changed the rule for departing brokers from a temporary 60-day allowance to hold commissions to a permanent mandate requiring the broker to immediately remit pending commissions to the leaving licensee.
Added new prohibited acts including net listings, guaranteeing future profits, failing to put offers in writing, and negotiating directly with clients represented by other brokers.
Removed the specific language allowing licensees to be actively licensed with two brokers for 60 days, as this was superseded by the new mandate for brokers to pay out pending commissions.
Added a new requirement for all licensees to have an affirmative duty to report known violations of the law to the commission.
Added new subsections defining 'convicted in a court of competent jurisdiction' and outlining procedures for replacing licenses when a broker is revoked.