Real estate transactions; required disclosures; description of brokerage services; terms of compensation; required written brokerage agreements under certain circumstances

This bill, SB 154, updates the requirements for real estate licensees when interacting with consumers regarding property disclosures and brokerage agreements. It mandates that consumers receive a written disclosure of brokerage services and general compensation information from a licensee before viewing a property. While consumers can choose to enter a brokerage agreement, this bill clarifies that a written agreement is not required for a licensee to show a property. Instead, a written brokerage agreement, which must include compensation terms, is only required if the licensee will list a property for sale or submit an offer on behalf of the consumer. The bill also requires referral agreements between real estate licensees to be in writing.