15 May MREC proposes new rules for teams, amendments for advertising
The Mississippi Real Estate Commission is considering new regulations for real estate teams and amendments to existing advertising regulations.
The new rules will be discussed at the next MREC meeting on June 13 and could go into effect by the end of the year, said MREC Administrator Robert Praytor.
According to the proposed rules, MREC defines teams as two or more associate brokers and/or salespersons who work together on a regular basis, represent themselves as a team and designate themselves by a collective name, such as “team” or “group.”
The team name can not contain any phrase that implies the team is independent from a broker. Terms such as “real estate” and “realty” are not allowed.
The members of the team must be affiliated with the same principal broker, offer real estate services at the same office and conduct all licensable activity from the office where their licenses are displayed.
According to the proposed rules, the team leader must be a broker associate with at least three year’s experience, maintain a list of the team members, keep the list on file at managing broker’s office and exercise adequate supervision of licensable activity by the team.
A principal broker may not be a team leader. The principal broker must register the team and its members with MREC. Updates to the team composition are required within five working days.
With the new rules for teams, MREC also plans to amend regulations for advertising. The amended rules expand the definition of advertising and requires the principal broker’s name or firm to be displayed on advertisments in the same size font as the team name. The telephone number of the principal brokerage office must also be included.
MREC is currently accepting comments on the propsed amendments and new rules. REALTORS® should send any comments to Beth Hansen by email at bhansen@msrealtors.org by June 6. She will collect your comments and forward them to the commission for their consideration.
Full-text of the new rules and amendments are available here.
