Assembly creates fund to support real estate panel

REAL ESTATE WATCH

April 17, 2005|By Lorraine Mirabella

The General Assembly session, which ended last week, created a special fund to cover the costs of the state's Real Estate Commission and help handle the growing numbers of real estate licenses and consumer complaints.

Fees collected from real estate brokers and agents - ranging from $45 to $95 every two years - will go into the newly created fund, rather than the state general fund, and help the commission in investigating a growing backlog of cases. From 2001 to 2005, real estate licenses rose 63 percent and consumer complaints increased by 50 percent.

The state has 45,000 licensed real estate professionals. Fees are projected to total $1.9 million in fiscal year 2007. - Lorraine Mirabella

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