Thanks to the recently passed Senate Bill 1171, real estate brokers in Arizona are now required to complete a continuing education program that includes property management before they can manage their clients’ properties.
Effective September 14, 2024, this new requirement aims to raise the standard of professionalism in Arizona’s property management industry, ensuring that real estate brokers can no longer engage in DIY management without formal training.
About Senate Bill 1171
Passed by the State Senate in conjunction with the Arizona Department of Real Estate (ADRE), Senate Bill 1171 also prohibits real estate brokers from operating as property managers if they are under an order to cease and desist from all real estate activities or if their license is suspended in Arizona.
This bill will also require real estate brokers to conduct monthly three-way reconciliations between their trust fund accounts, bank statements, and client ledgers. Arizona SB 1171 further empowers the Arizona Real Estate Advisory Board Commissioner to suspend or revoke licenses (based on specific actions), and application licensing procedures have been adjusted to consider out-of-state applicants, distance learning, etc.
In addition to these requirements, employing brokers will be required to have a definite place of business in Arizona or a valid statutory agent on file with the Corporation Commission.
Work With GoldenWest Management
There’s no denying that SB 1171 will change how rental properties are managed in Arizona, as brokers will now need to fulfill additional requirements before managing their clients’ properties.
Fortunately, GoldenWest Management is here to help! Our experienced property management team has decades of combined experience, ensuring our clients' properties are managed by professionals with integrity.
To learn more about the services we offer, contact us today by calling (866) 545-5303 or click here to connect with us online.
