Industry News

DOL implements paperless license retention requirements

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Paper copies of real estate licenses no longer need to be given to a broker’s firm or designated broker for retention. The Department of Licensing (DOL) eliminated that requirement effective April 29, 2021, although individual brokerages may have different policies requiring copies of licenses.

DOL also abolished its requirement that a firm or branch license be displayed at the licensed location. Real estate firms and branches may access their license and a roster of affiliated licensees through the online Business License Portal. (Brokers need to have a SAW account with its business licensed linked to it.)

Printed licenses are no longer mailed to licensees or real estate firms or branches unless requested. Instead, licensees are emailed an electronic copy of their license, which firms can access via the online Business License Portal. Designated brokers and branch managers must be able to provide a copy of the firm or branch license and a roster of affiliated licensees upon request of the DOL or the public.

NWMLS has posted DOL’s step-by-step instructions to help real estate firms and branches add or separate licensees and export the Licensee Relationships Report, which lists all affiliated brokers and managing brokers and their license and relationship statuses.

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