Bill: Draft National Association of Realtors Act

[Aladeen]

CONGRESS OF THE
COMMONWEALTH OF REDMONT
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A BILL TO

Establish the National Association of Realtors
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The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the Constitution, do hereby enact the following provisions into law:
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PART I — PRELIMINARIES

1. Short Title and Enactment

(1) This Act may be cited as the ‘National Association of Realtors Act.’
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Aladeen22.
(4) This Act has been Co-sponsored by IgnitedTnT
(5) This Act has been Co-authored by IgnitedTnT

PART II — DEFINITIONS

2. Definitions

For the purposes of this Act:

(a) National Association of Realtors (NAR) refers to the organization established under this Act to regulate the registration of realtors and the authorization of brokerages.

(b) Realtor is a person registered through the process established by NAR and authorized to conduct real estate transactions.

(c) Brokerage means any business or organization authorized by the National Association of Realtors to facilitate, list, or broker real estate transactions on behalf of others.

PART III — ESTABLISHMENT OF THE NAR

3. Establishment

(1) The National Association of Realtors is hereby established as the regulatory body responsible for overseeing the real estate profession within the Commonwealth of Redmont.

(2) NAR shall regulate the registration of realtors, authorize brokerages, and maintain the official registry of real estate professionals.

PART IV — BOARD OF DIRECTORS

4. Board Composition

(1) The National Association of Realtors shall be governed by a Board consisting of four members.

(2) Members of the Board shall serve terms of four months.

(3) Board members shall be nominated by the House and confirmed by a simple majority vote of the Senate.

(4) One seat on the Board shall be reserved for a representative chosen by the Department of Construction and Transportation.

5. Board Removal and Vacancies

(1) The House may initiate the removal of a member of the Board of the National Association of Realtors.

(2) Removal shall occur if a supermajority of the House votes in favor of such removal.

(3) Upon removal, resignation, or vacancy of a Board seat, a replacement shall be nominated and confirmed using the same nomination and Senate confirmation process established for Board appointments.

PART V — REALTOR REGISTRATION

6. Registration of Realtors

(1) The National Association of Realtors shall establish and administer the process for registering realtors.

(2) The National Association of Realtors shall maintain an official registry of registered realtors.

(3) The National Association of Realtors may administer examinations or qualifications required for realtor registration.

(4) Only individuals registered through this process may receive the benefit of the realtor job outlined in the Property Standards Act.

PART VI — BROKERAGE AUTHORIZATION

7. Authorization of Brokerages

(1) The National Association of Realtors shall establish and administer the process for authorizing brokerages.

(2) A brokerage may only operate if it has been authorized through the process established by the National Association of Realtors.

(3) A brokerage must be operated by a registered realtor.

PART VII — SECURITY DEPOSIT

8. Brokerage Security Deposit

(1) Any brokerage authorized under this Act shall deposit $50,000 as a security deposit.

(2) The security deposit shall be held in an official business account of the National Realtor Association, administered by the Chairman on behalf of the Association.

(3) The deposit may be used to compensate for damages or liabilities arising from the actions of the brokerage.

(4) The security deposit shall be returned if the brokerage formally requests disbandment and no outstanding liabilities remain.

(5) Control of this account shall transfer to the new Chairman at the beginning of each new Board term.

PART VIII — REGISTRY

9. Official Registry

(1) The National Association of Realtors shall maintain an official registry of registered realtors and authorized brokerages. Such registry shall be publicly accessible.

(2) Only individuals listed in the registry may operate as registered realtors, and only entities listed in the registry may operate as authorized brokerages.

PART IX — RULEMAKING AUTHORITY

10. Regulations

(1) The National Association of Realtors may adopt regulations, standards, and procedures necessary for the implementation and administration of this Act.

(2) Such regulations may include procedures for realtor registration, brokerage authorization, examinations, and professional standards.

(3) Any regulations adopted under this section must not conflict with existing law.

PART X — ENFORCEMENT

11. Referral to the Department of Justice

(1) The National Association of Realtors may investigate potential violations of this Act or of its professional standards.

(2) Where sufficient grounds exist, the National Association of Realtors must refer the matter to the Department of Justice.

(3) The Department of Justice may initiate legal proceedings under the applicable offences established in law.

PART XI — REAL ESTATE OFFENCES

12. Fraudulent Property Representation

Offence Type: Indictable
Penalty: Up to 150 Penalty Units; Up to 20 minute imprisonment; Up to One month suspension of realtor registration.

A person commits an offence if the person:

(a) knowingly provides false or misleading information about a property during a listing, sale, or brokerage transaction, or
(b) intentionally conceals material information that would reasonably affect a buyer’s or seller’s decision.

13. Unauthorized Brokerage Activity

Offence Type: Indictable
Penalty: Up to 120 Penalty Units; Up to 25 min imprisonment; Up to 1 month prohibition from operating a brokerage

A person commits an offence if the person:

(a) operates or advertises a real estate brokerage without authorization from the National Association of Realtors, or
(b) conducts brokerage transactions without being registered as a licensed realtor.

14. Real Estate Market Manipulation

Offence Type: Indictable
Penalty: Up to 150 Penalty Units; Up to 35 min imprisonment; Up to 1 month suspension of realtor registration

A person commits an offence if the person:

(a) intentionally manipulates property prices, auctions, or listings for the purpose of creating artificial value or deceiving buyers or sellers.