(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;
(h) Study and recommend changes in state statutes relating to real estate; and
(i) Develop a vacancy rate standard for low-income housing in the state.
(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, 2025.