Requires any person in the business of selling, assigning or buying an equitable interest in real estate without taking legal title to such property, to be licensed as a real estate broker or salesperson and to comply with the disclosure requirements.

Summary

If enacted, this bill would require any person in the business of selling, assigning, or buying an equitable interest in real estate without taking legal title to be licensed as a real estate broker or salesperson and comply with disclosure requirements. This expands licensing oversight to transactions involving equitable interests, such as contracts for deed or lease options, which previously may have been unlicensed. Industry actors including real estate brokers, salespersons, and investors engaging in such transactions would be affected.