The bill aims to extend the fee on real estate broker licenses to support the Washington Center for Real Estate Research and adjust the fee to account for inflation. Specifically, it increases the fee from ten dollars to twenty dollars for each original license and renewal of real estate brokers and managing brokers, with the new fee structure set to expire on September 30, 2035. Additionally, the bill modifies the Washington real estate research account, ensuring that all receipts from the newly adjusted fee are deposited into this account, which can only be used for specific purposes outlined in the law.

Furthermore, the bill outlines the objectives of the real estate research center, which include conducting studies on affordable housing, disseminating research findings, and supporting the professional development of real estate licensees. The expiration date for the provisions related to the research center has also been extended to September 30, 2035. Notably, the bill removes the provision that allowed the legislature to transfer excess funds from the real estate research account to the state general fund during the 2015-2017 fiscal biennium.

Statutes affected:
Original Bill: 18.85.451, 18.85.461, 18.85.471