If you’re planning to embark on a career in real estate, staying informed about the latest industry developments is essential. One significant change on the horizon is the implementation of Senate Bill 1495 (SB 1495), signed by Governor Gavin Newsom in September 2022.
From January 1, 2024, all applicants for the salesperson or broker examination must complete an updated course in Real Estate Practice, which includes new content covering two crucial components: implicit bias and fair housing laws. In this article, we’ll break down the new requirements, their aims, who will be affected, and how you can prepare for these changes.
Understanding the New Requirements
The updated course requirements, which apply to all applications received by the Department of Real Estate (DRE) on or after January 1, 2024, include two essential components:
- Implicit Bias:
- Education on the impact of implicit, explicit, and systemic bias on consumers
- Exploration of historical and social implications of biases
- Actionable steps to recognize and address personal implicit biases
- Fair Housing Laws:
- Application of federal and state fair housing laws to real estate practice
- Interactive, participatory elements, including role-playing as consumers and real estate professionals
Aims of the New Requirements
The primary goals of these updated course requirements are to:
- Ensure real estate professionals understand the impact of implicit, explicit, and systemic bias on consumers
- Increase awareness of historical and social effects of biases
- Ensure real estate professionals comply with federal and state fair housing laws, which prohibit discrimination based on race, color, religion, sex, national origin, familial status, and disability
Who Will Be Affected by the New Requirements?
The new requirements will impact individuals who:
- Submit an application received by the DRE on or after January 1, 2024
- Seek to take either the real estate broker or the salesperson examination
The DRE will collaborate with real estate schools to ensure the updated courses meet legislative requirements over the next year.
Preparing for the New Requirements: Steps to Take
To prepare for these new requirements, consider the following steps:
- Choose a real estate school that is current on the latest requirements and offers the revised course content, like Chamberlin Real Estate School.
- Stay informed about industry changes through newsletters, industry blogs, and networking with real estate professionals
- Engage in professional development opportunities, such as workshops and seminars, to expand your understanding of implicit bias and fair housing laws
The Bottom Line
The real estate industry is constantly evolving, and it’s vital for professionals to stay informed about the latest changes. The implementation of SB 1495 in January 2024 will require all applicants for the salesperson or broker examination to complete an updated course in real estate practice that includes new content on implicit bias and fair housing laws.
By understanding the impact of implicit, explicit, and systemic biases on consumers, as well as the historical and social effects of those biases, real estate professionals will be better equipped to serve their clients. Additionally, the fair housing component will ensure that real estate professionals comply with federal and state fair housing laws, promoting a more equitable industry.
By staying informed and choosing a real estate school that is current on the latest requirements, you can set yourself up for a successful and fulfilling career in real estate.