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 receives the fees collected, ensuring that the funds can only be used for specific purposes related to real estate research and education. The previous provision allowing the legislature to transfer excess funds from the account to the state general fund has been removed. The bill also 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, among other goals.

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