The California Bureau of Real Estate (CalBRE) is considering changing how the proceeds from licensing fees are used.
The announcement proposes 8% of licensing fees go to the Education and Research Account. For fiscal year 2012-2013, 8% of all licensing fees collected in California amounted to just over $2.8 million.
Just what does the Education and Research account intend to do with all this money?
The CalBRE proposes to use the funds to:
- contract with specialists to semi-annually audit and ensure agent and broker licensing exams remain up to date and reflective of the dynamic California real estate practice ; and
- publish guides on various real estate matters in California to educate both real estate professionals and consumers, such as their upcoming projects on:
o financial literacy textbooks for teenagers;
o pre-licensing and continuing education requirements of real estate agents and brokers; and
o an updated Real Estate Reference Book (which was last revised in 2010).
While no funds in the CalBRE budget are currently designated for the Education and Research Account, CalBRE’s commissioner is still able to use licensing fees to fund this account at will. However, this stated 8% amount “highlights the importance of these projects and the service they provide to the public and to the market,” according to a statement by CalBRE.
This allocation to education and research will not increase original licensing fees.
Have thoughts on this proposed amendment? CalBRE is seeking comments on the proposal, which can be submitted by email, fax or mail to:
Bureau of Real Estate
Attn: Daniel E. Kehew, Sacramento Legal Office
P.O. Box 137007
Sacramento, CA 95813-7007
Comments are due July 28, 2014.