REALTORS® from eastern Connecticut and across the state will be traveling to Hartford on Wednesday to lobby the Senators and Representative on real estate issues. Our goal is to protect the interests of real estate owners and prospective buyers and to improve the business climate for Connecticut REALTORS®’ 15,600+ members. While hundreds of bills are filed that affect real estate, a few that we will be discussing a listed below:
SUPPORT SB 6677
• This bill would allow real estate licensees to offer broker price opinions that are not in pursuit of a listing.
• The legal and lending industries support the additional use of BPOs, and 44 other states explicitly allow real estate licensees to perform BPOs for a fee either very broadly (34 states) or for purposes beyond those permitted by Connecticut statute, such as with lienholders (10 states). Our two largest bordering states, MA and NY, are among those that permit real estate licensees to broadly perform BPOs for a fee.
• We support requiring that a BPO may never be called an appraisal as it is not technically an appraisal. By federal law, BPOs may not be used for federally-related transactions that require an appraisal.
SUPPORT HB 6773 (with amendments)
• We support modernizing the curriculum for broker licensing to be relevant to broker practices, while also adding an experience component (beyond just holding a salesperson license for two years).
• Brokerage has become more complex with time due to contemporary regulations and disclosure laws. This bill would ensure those who become licensed as Brokers have adequate education to perform the duties of a Broker.
• Unfortunately, without an amendment made to the language, we can’t support HB 6773
because it would reduce the qualifications to become a broker instead of improving them. Thus, we cannot support the bill as currently drafted. We are working with legislators to amend the bill.
OPPOSE HB 6133
• If enacted, this bill would require a signed fair housing notice for multi-family properties at the time of offers to purchase or exchange. This is expected to be educational and it’s not appropriate to deliver this information at the time of an offer.
• This bill would add additional liability to transactions.
• Fair housing statements are currently included in real estate agreements.
• There are many positive selling points for Connecticut, among them great schools, rural, suburban and even walkable communities.
• Our charge is to sell the State to individuals and businesses. This difficult economic climate makes it harder to do so.
• REALTORS® are concerned that Connecticut is not achieving the level of success it should, due to economic challenges facing the State.
• A recovering real estate market will drive the overall economy to a healthier place.
• Our recent numbers show that real estate market is starting to recover. Residential sales and median selling prices are up over this time last year.
• We need to position the positive attributes of Connecticut and find ways to keep our young and retiring adult population in our State.
• Jobs and housing are key factors in keeping people in Connecticut
• Connecticut REALTORS® is 15,600 members strong and REALTORS® help build communities.
• CTR asks lawmakers to be mindful of how any piece of legislation would detrimentally impact the state’s economic condition, livability and infrastructure.
• Our mutual goal is for Connecticut to succeed. As small business people, we stand ready to assist legislators in this endeavor.