January 5, 2024 - Introduced by Senators Jagler, Agard and Feyen, cosponsored
by Representatives Krug, Allen, Brooks, Dallman, Murphy, O'Connor and
Ortiz-Velez. Referred to Committee on Housing, Rural Issues and Forestry.

SB870,1,7 1An Act to renumber 452.14 (2); to renumber and amend 452.14 (4m) (a); to
2amend 452.01 (5g), 452.14 (4r), 452.17 (1), 452.17 (3), 452.19 (1), 452.23 (title)
3and 452.23 (4); to repeal and recreate 452.23 (3); and to create 452.07 (4),
4452.12 (5) (e), 452.14 (2) (b), 452.14 (2) (c), 452.14 (3) (im), 452.14 (4m) (a) 1.,
5452.23 (5) and 710.13 of the statutes; relating to: various changes regarding
6the laws governing real estate practice, disclosures regarding real property
7wholesalers, and providing a penalty.

This bill 1) revises the law governing the practice of real estate by real estate
brokers and salespersons (real estate practice law) and 2) requires real property
wholesalers to provide certain disclosures to other parties involved in residential
real property transactions.

Current law regulates the practice of real estate, which can only be practiced
by real estate brokers and real estate salespersons. Real estate brokers and
salespersons (licensees) are licensed by the Real Estate Examining Board, which is
attached to the Department of Safety and Professional Services. A real estate
broker's license may be issued to either an individual or a business entity. The bill
makes various changes to real estate practice law, described in further detail as
follows: