Pennsylvania Real Estate Commission Chair Anne Rubin stopped by the PAR office to discuss a variety of industry issues. Rubin has been a Realtor® for more than 30 years and is managing partner of Century 21 Advantage Gold in Elkins Park.
The top of our conversation was the approaching license renewal process and how agents can prepare for that. She said there are several steps all agents should make in order to prepare for their license renewal:
One aspect of this year’s renewal that many may not be aware of is the additional $10 fee that licensees are required to pay toward the Real Estate Recovery Fund. The fund was established by the Real Estate Licensing and Registration Act to provide reimbursement to victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of a transaction. By law, the commission must maintain a minimum balance for recovery purposes and because the fund is nearing that limit, licensees are required to pay the additional fee.
Rubin noted that property management claims have attributed in large part to the depletion of the recovery fund. She anticipates that the additional education real estate licensees are required to have regarding property management may help reduce the number of claims filed in the coming year.
To see more of my conversation with Rubin, watch the video.