Chic vs. Geek: New Laws for 2022

A number of new regulations took effect in California as of January 1 that will impact the real estate industry.

CHIC (PEARL)

AB 1466 ensures that any discriminatory and/or racist language will be removed from all real estate covenants, as our industry continues to lead the way in building a more inclusive and respectful world.

Speaking of inclusion, SB 263 will require all real estate agents to complete implicit bias training as part of the license renewal process to help us recognize and take actions to address our unconscious prejudices. 

AB 44 allows real estate agents to use former legal surnames for their business. This is especially important for agents who get married after building their own brand.

GEEK (KEVIN)

You may have heard about SB 9, which streamlines the approval process for property owners to subdivide and create up to four housing units on a single family lot. What you’re not hearing is that the costs are fairly prohibitive for the average owner.

AB 948 requires every real estate contract to include a notice to buyers that the appraisal of their new home was unbiased and directs buyers to file complaints with the state Dept. of Real Estate (aka, DRE).

And AB 633 will prevent the abuse of partition actions in cases of related parties inheriting a property that one of them wants to sell.

Thanks to California Real Estate magazine for the assist with this breakdown. Read the original article here.