The bill aims to extend the fee on real estate broker licenses to support the Washington Center for Real Estate Research and adjusts the fee to account for inflation. Specifically, the fee for each real estate broker and managing broker's original license and renewals is increased from ten dollars to twenty dollars. Additionally, the expiration date for the fee and related provisions has been extended from September 30, 2025, to September 30, 2035.

Furthermore, the bill amends the Washington real estate research account, which is funded by the fees collected, ensuring that the funds are used exclusively for the purposes outlined in the law. The previous provision allowing the legislature to transfer excess funds from the real estate research account to the state general fund has been removed. The bill also emphasizes the role of the real estate research center in providing valuable research and educational services to various stakeholders in the real estate sector, with a focus on affordable housing and economic development in Washington state.

Statutes affected:
Original Bill: 18.85.451, 18.85.461, 18.85.471
Bill as Passed Legislature: 18.85.451, 18.85.461, 18.85.471
Session Law: 18.85.451, 18.85.461, 18.85.471