Last month we crafted an informational piece about proposed Commission Regulation 10.5, the contents of which would impose strict regulations on advertising any brokerage activities in Arkansas. After some deliberation, the Commission has decided to begin training on best advertising practices for Agents and Brokers, and why those practices are important.
Initial Proposed Changes
The proposed regulation would have required disclosure of the brokerage firm’s name, contact number, and address (depending on how much of that information is displayed for the agent). In all cases the brokerage firm’s information would have been required to be displayed as prominently or more prominently than the agent’s information.
Update on Regulation 10.5
The Real Estate Commission has changed course, and instead of changing the regulation at this time, they want to approach it through a training posture. Starting in 2019, the continuing education (CE) for Real Estate Agents will involve 3 hours of advertising best practices, and why they’re important for Agents and their clients.
“It is important to remember that all agency agreements are between the Principal Broker and the client (Buyer or Seller),” explains Scott Jones, Principle Real Estate Instructor for ACES Real Estate School. “For the protection of the public, the Commission will want to see the Principal Broker’s contact information listed,” says Scott, “because if there’s an unresolved issue, the public needs to know that there is a responsible party that they can contact.”
In conclusion, Scott says to be on the lookout for the 3-hour advertising CE requirement in 2019, which his real estate school, ACES, will provide.