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California recently introduced new requirements for getting a real estate license. As a leading real estate regulation state, these questionable changes could spread to other states. Here are some key things to know:
- Implicit bias training is now required. This includes role-playing between license applicants to turn concepts into actions. Some worry role-playing could become an exercise in walking on eggshells.
- Enhanced fair housing law education is also mandated. Again, role-playing is required as part of the training. While few argue with better fair housing education, there are questions about whether role-playing will change behaviors.
- The state advised caution about non-traditional mortgages like ARMs. But reasonable ARMs can be appropriate for some buyers. Blanket warnings against “alternative” mortgages may be unfounded.
- Additional training adds more time and costs to getting licensed. Role-playing mandates could also prove cumbersome.
- Other states considering similar changes should weigh the benefits and drawbacks of California’s model. Compromise between regulators and industry will likely be needed to shape feasible licensing requirements.
The goal is higher ethical standards. But methods for achieving them remain debated. California’s rules provide lessons for regulators and professionals across the country.
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