Standards for real estate schools
§73-35-14.1. Standards for real estate schools
- Minimum standards for initial and continuing accreditation as a real estate school or pre-license education provider shall include:
- Payment of any fees established by the commission. If the school or provider is accredited as a pre-license school or pre-license education provider, fees shall include a biennial fee of Two Thousand Five Hundred Dollars ($2,500.00).
- The school or pre-license education provider must maintain an annual average pass rate of at least sixty-five percent (65%) on each of the real estate broker’s license examination and the real estate salesperson’s license examination. The term annual average pass rate shall be as defined by the commission. If a school or pre-license education provider does not meet the minimum annual average pass rate, the commission shall allow the school or pre-license education provider a minimum of a three-month time period in which to attain the minimum annual average pass rate.
- Schools and pre-license education providers must use a method for instructor evaluation by students attending pre-license education classes. The commission may establish minimum standards for instructor evaluation. In the event the provider does not meet those minimum standards, the commission may revoke a provider’s authority to offer pre-license education courses. Schools and pre-license education providers must provide the results of such instructor evaluations to the commission in the manner the commission directs.
- The commission may establish by rule such other standards for schools, pre-license education providers and post-license education providers as the commission may deem necessary.