The proposed SB1171 bill introduces changes to the Arizona Department of Real Estate's regulations, focusing on broker responsibilities, property management, and licensing requirements. It allows for electronic recordkeeping, modifies trust fund account reconciliation processes, and increases the permissible amount of broker personal monies in a trust fund account from $3,000 to $5,000. The bill also revises the composition of the Arizona Real Estate Advisory Board, empowers the Commissioner to suspend or revoke licenses based on certain actions, and updates the requirements for fingerprint clearance card suspensions. License application procedures are adjusted, including exemptions for military spouses and out-of-state applicants, and the definition of distance learning is updated.

Additionally, the bill redefines the experience requirements for broker licenses, emphasizing recent active licensure, and updates education terminology from "online" to "distance learning." It exempts non-residents from taking the national portion of the real estate examination under certain conditions and introduces new restrictions on who can be a designated broker. The bill also specifies new requirements for record maintenance by nonresident brokers and includes provisions for inactive licenses. Changes to the handling of entrusted monies, broker management clinic attendance, and timeshare transactions are outlined, and the bill clarifies that online real estate brokerage services require a broker's license. Current members of the real estate advisory board are allowed to serve until their terms expire, with future appointments made by the governor as prescribed by statute.

Statutes affected:
Introduced Version: 32-2101, 32-2104, 32-2106, 32-2108.01, 32-2116, 32-2123, 32-2124, 32-2125, 32-2125.02, 32-2126, 32-2127, 32-2132, 32-2135, 32-2136, 32-2151, 32-2151.01, 32-2153, 32-2163, 32-2174, 32-2197.08, 32-2197.10, 32-2197.16, 32-2155, 32-2121, 44-1801, 32-2194.27, 38-624, 38-623, 38-211, 41-1758.03, 41-619.55, 32-2130, 32-4302, 32-4301, 32-2160.01, 32-2153.01, 32-2197.04, 32-2197.07, 32-2154, 32-2157, 32-2197.14, 45-402, 48-3772, 48-3774.01, 45-576, 11-823, 9-463.01, 45-108, 45-108.02, 45-108.03, 32-2197.02
Senate Engrossed Version: 32-2101, 32-2104, 32-2106, 32-2108.01, 32-2116, 32-2123, 32-2124, 32-2125, 32-2125.02, 32-2126, 32-2127, 32-2130, 32-2132, 32-2135, 32-2136, 32-2151, 32-2151.01, 32-2153, 32-2163, 32-2174, 32-2197.08, 32-2197.10, 32-2197.16, 32-2155, 32-2121, 44-1801, 32-2194.27, 38-624, 38-623, 38-211, 41-1758.03, 41-619.55, 32-4302, 32-4301, 32-2131, 32-2110, 32-2160.01, 32-2153.01, 32-2197.04, 32-2197.07, 32-2154, 32-2157, 32-2197.14, 45-402, 48-3772, 48-3774.01, 45-576, 11-823, 9-463.01, 45-108, 45-108.02, 45-108.03, 32-2197.02
Chaptered Version: 32-2101, 32-2104, 32-2106, 32-2108.01, 32-2116, 32-2123, 32-2124, 32-2125, 32-2125.02, 32-2126, 32-2127, 32-2130, 32-2132, 32-2135, 32-2136, 32-2151, 32-2151.01, 32-2153, 32-2163, 32-2174, 32-2197.08, 32-2197.10, 32-2197.16, 32-2155, 32-2121, 44-1801, 32-2194.27, 38-624, 38-623, 38-211, 41-1758.03, 41-619.55, 32-4302, 32-4301, 32-2131, 32-2110, 32-2160.01, 32-2153.01, 32-2197.04, 32-2197.07, 32-2154, 32-2157, 32-2197.14, 45-402, 48-3772, 48-3774.01, 45-576, 11-823, 9-463.01, 45-108, 45-108.02, 45-108.03, 32-2197.02