Raised Bill No. 340 introduces significant amendments to Connecticut's real estate licensing and education requirements, establishing a two-year renewal license for real estate licensees. Applicants must complete a minimum of twelve hours of approved continuing education courses or pass a written examination on current real estate practices and licensing laws. A biennial processing fee of eight dollars is also mandated, with penalties for non-compliance ranging from $315 to $625. The bill replaces the term "real estate salesperson" with "real estate agent" throughout various statutes, clarifies the definition of "actively marketed" properties, and updates the responsibilities of the Connecticut Real Estate Commission and the University of Connecticut's real estate center, aiming to enhance professionalism and accountability in the industry.

Additionally, the bill outlines new requirements for residential real estate transactions, including a mandatory written residential condition report detailing the property's condition, which must be provided to potential buyers. It emphasizes the importance of transparency in real estate dealings, particularly regarding the disclosure of property conditions, including issues related to concrete foundations in municipalities affected by crumbling foundations. The bill also introduces an "Opt-Out of Real Estate Public Marketing" form for sellers and landlords, ensuring they understand the implications of limiting their property's market exposure. Overall, Raised Bill No. 340 seeks to modernize and clarify the legal framework governing real estate practices in Connecticut, enhancing consumer protection and defining the roles of real estate professionals more clearly.

Statutes affected:
Raised Bill: 20-319, 20-311, 20-312a, 20-314, 20-324l, 20-325l, 20-526, 31-222, 47-17a, 47-100