FINAL BILL REPORT

                  ESB 5720

                          C 192 L 99

                      Synopsis as Enacted

 

Brief Description:  Promoting cooperative real estate research.

 

Sponsors:  Senators Shin, Sheahan, Kohl‑Welles, Finkbeiner, Prentice, Horn, T. Sheldon, Kline, Jacobsen, West and Oke.

 

Senate Committee on Higher Education

House Committee on Commerce & Labor

House Committee on Appropriations

 

Background:  The Washington Center for Real Estate Research was established in 1989 by the Washington State University Board of Regents to provide continuing research, education and technical assistance to licensed real estate brokers and salespersons, educational institu­tions, state and local governments, the real estate industry, and the general public.  The center has been supported by money from Washington State University, the Washington Real Estate Commission, and other individuals and organizations.

 

For the 1997-99 biennium, the center is operating under an agreement with the Department of Licensing totaling $250,000.  This money comes from the real estate education account that is funded by interest earned on real estate brokers= trust accounts.  The designated purpose of this account is to carry out educational programs for real estate licensees.  The 1997-99 biennial appropriation to the Department of Licensing from the real estate education account was $660,000.

 

Real estate brokers and salespersons pay license fees upon qualification that are renewable every two years.  The original license fee is $160 for brokers and $100 for salespersons. License fee amounts are the same for renewal.  For 1998, there were 8,120 active licensed brokers and 2,688 inactive licensees.  Salespersons numbered 18,164 active licensees and 14,780 inactive licensees.

 

Summary:  The Washington real estate research account is created.  This account is funded through a fee of $10 that is assessed on each real estate broker, associate broker, and salesperson originally licensed after October 1, 1999.  The fee is also assessed on each license renewal for licenses that expire after October 1, 1999.  The account is appropriated and in the custody of the State Treasurer.  Interest generated by the account goes to the general fund.  The account funds a Real Estate Research Center in Washington State.

 

The Real Estate Research Center provides research and information to the real estate commun­ity, licensees, consumers, public agencies, and other service providers and users.  The Real Estate Research Center may conduct studies and research on affordable housing.  Additionally, the center conducts studies related to urban and rural economics and economically isolated communities, disseminates its findings, and supplies results to the regulatory functions of the Washington State Real Estate Commission.  The Real Estate Research Center also encourages economic growth within the state and supports the professional development of Washington real estate licensees.  The center makes legislative recommendations and publishes an annual report within three months of the conclusion of each fiscal year.

 

Regarding the operation of the center, the director establishes a memorandum of understanding with an institute of higher education to establish the center.  The specific purposes of the center, listed above, expire September 30, 2005.

 

Votes on Final Passage:

 

Senate 40 7

House     90 2 (House amended)

Senate    43 4 (Senate concurred)

 

Effective:  July 25, 1999