_______________________________________________
ENGROSSED
SENATE BILL 5720
_______________________________________________
AS
AMENDED BY THE HOUSE
Passed
Legislature - 1999 Regular Session
State of Washington 56th
Legislature 1999 Regular Session
By
Read first time 02/04/1999.
Referred to Committee on Higher Education.
Promoting
cooperative real estate research.
AN
ACT Relating to real estate research; adding new sections to chapter 18.85 RCW;
and providing expiration dates.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
NEW
SECTION. Sec. 1. A
new section is added to chapter 18.85 RCW to read as follows:
(1)
A fee of ten dollars is created and shall be assessed on each real estate broker,
associate broker, and salesperson originally licensed after October 1, 1999,
and upon each renewal of a license with an expiration date after October 1,
1999, including renewals of inactive licenses.
(2)
This section expires September 30, 2005.
NEW
SECTION. Sec. 2. A
new section is added to chapter 18.85 RCW to read as follows:
(1)
The Washington real estate research account is created in the state treasury.
All receipts from the fee under section 1 of this act shall be deposited into
the account. Moneys in the account may be spent only after appropriation.
Expenditures from the account may be used only for the purposes of section 3 of
this act.
(2)
This section expires September 30, 2005.
NEW
SECTION. Sec. 3. A
new section is added to chapter 18.85 RCW to read as follows:
(1)
The purpose of a real estate research center in Washington state is to provide
credible research, value-added information, education services, and
project-oriented research to real estate licensees, real estate consumers, real
estate service providers, institutional customers, public agencies, and
communities in Washington state and the Pacific Northwest region. The center
may:
(a)
Conduct studies and research on affordable housing and strategies to meet the
affordable housing needs of the state;
(b)
Conduct studies in all areas directly or indirectly related to real estate and
urban or rural economics and economically isolated communities;
(c)
Disseminate findings and results of real estate research conducted at or by the
center or elsewhere, using a variety of dissemination media;
(d)
Supply research results and educational expertise to the Washington state real
estate commission to support its regulatory functions, as requested;
(e)
Prepare information of interest to real estate consumers and make the
information available to the general public, universities, or colleges, and
appropriate state agencies;
(f)
Encourage economic growth and development within the state of Washington;
(g)
Support the professional development and continuing education of real estate
licensees in Washington; and
(h)
Study and recommend changes in state statutes relating to real estate.
(2)
The director shall establish a memorandum of understanding with an institution
of higher learning that establishes a real estate research center for the
purposes under subsection (1) of this section.
(3)
This section expires September 30, 2005.
