Core Issue: Practice and Professionalism
The Real Estate Licensing and Registration Act (RELRA) governs the practice of real estate licensees in the Commonwealth and serves to protect consumers who work with real estate licensees. It is incumbent upon the association to enact laws that enhance the industry, both for its members and for consumers.
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RELRA Amendments Senator Tomlinson reintroduced legislation to amend the Real Estate Licensing and Registration Act to provide for the release of escrow and the formation of qualified associations.
Senate Bill 241 passed the Senate on June 10 and the House on June 30; Governor Rendell signed the bill into law on July 6 as Act 14 of 2009. The Act became effective on September 4.
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Appraisal Management Companies (AMCs) are unregulated entities. This has become a problem in Pennsylvania and across the nation with implementation of the Home Valuation Code of Conduct (HVCC). PAR established a task force to examine the issue and make recommendations for the regulation of AMCs in the Commonwealth. The PAR Legislative Committee and Board of Directors have approved language regarding AMCs and will work with Rep Dick Stevenson to introduce legislation.