Fueled by a strong economy, thriving job market, and reasonable cost of living, 2024 is shaping up to be another promising year for Michigan’s vibrant real estate market. In this dynamic environment, it has become crucial for licensed real estate professionals to stay informed about legal updates not only to uphold compliance standards but also to capitalize on the industry’s burgeoning potential.

The Importance of Legal Awareness

In Michigan, all licensees must complete two hours of legal update education in each year of a license cycle. This content contributes directly towards the mandatory 18-hour continuing education (CE) requirement for license renewal.

The Michigan Real Estate Legal Update course is updated annually to reflect recent legislative developments, regulations, and court decisions relevant to the real estate industry in Michigan. Its major importance includes the following:

• To keep salespersons and brokers informed about recent legal changes and updates affecting their practice.
• To ensure compliance with all applicable laws and regulations avoiding potential legal and ethical issues.
• To equip real estate professionals with the essential knowledge and skills that promote both professionalism and adherence to ethical standards in the industry.
• To enhance professional credibility and reputation.

Course Content and Course Provider

The specific areas covered in the Legal Update course vary from year to year and depend on the course provider, but they typically include legislative updates, recent legal cases, and court decisions impacting real estate practice, as well as ethical standards and professional practices.

When it comes to completing the annual Legal Update requirement, selecting a fully approved and reputable course provider is highly important as the right course can have a profound impact on your professional competence and ethical standing as a real estate professional.

We highly recommend getmerenewed.com as an excellent online course provider for fulfilling your required legal update credits. With deep insights into the nuances of Michigan’s real estate laws, their certified courses cover crucial aspects of the 2024 legal update, helping salespersons and brokers stay well-informed about recent changes in legislation since the last update.

Keeping Records and Reporting Credits

Complying with CE requirements, including the legal update, is essential for maintaining your license and practicing real estate ethically and responsibly in Michigan. It is your responsibility to maintain proper evidence of your CE completion for future reference and potential audits by regulatory bodies.

To protect against any future issues or discrepancies, licensees are advised to keep proof of course completion for a specific period determined by state regulations.

Michigan Department of Licensing and Regulatory Affairs (LARA) utilizes the CE Marketplace platform to electronically track CE credits earned. As a LARA-approved course provider, getmerenewed.com submits completion information reports and class outlines to the CE Marketplace to ensure that course credits are properly reviewed and certified.

You can verify your credits by registering or logging in to your account on the CE Marketplace website. Once logged in, you can access your CE history and review all reported courses, including the legal update credit.

Consequences of Non-compliance

It’s crucial for all Michigan licensed agents and brokers to stay informed and comply with the legal update requirement. Failure to take the course within the specified timeframe can lead to several potentially serious consequences for your license and career:

• Ineligibility to renew license. Your license renewal application will be denied if you have not satisfied the requirement. Effectively rendering you unable to legally practice real estate in Michigan until you complete the missing credits and reapply for renewal.
• Potential fines. Violating the mandatory legal update requirement may result in fines imposed by the Michigan Department of Licensing and Regulatory Affairs (LARA). There may also be penalties associated with non-compliance based on the severity and duration of the lapse.
• Disciplinary Action. In case of repeated or intentional non-compliance, LARA may take disciplinary action against your license from reprimands and fines to license suspension or revocation.
• Legal Liability. Failing to stay updated can lead to legal disputes and a dent on your professional image. If you give inaccurate or outdated information due to a lack of legal awareness, you could be legally responsible for any damages or losses your clients experience as a result.

Understand that these consequences are not merely inconveniences but can carry serious financial and professional repercussions. 

Timeframe

The two-hour Legal Update requirement needs to be completed within the current year of your license cycle. It’s highly recommended to complete it in advance or early in the calendar year to avoid any last-minute issues.

Exemptions and Special Cases

There are no general exemptions to the Legal Update requirement. Michigan mandates that all licensed real estate professionals complete the required hours of legal update education annually to maintain their license in good standing.

In certain rare instances, for example military deployment, contacting the Michigan Real Estate Department directly and explaining your specific circumstance may result in individualized consideration. They may offer alternative solutions such as extensions or delayed deadlines on a case-by-case basis. However, these are not guaranteed solutions as these cases are uncommon and require specific details to be confirmed. It’s crucial to verify your specific situation directly with the Michigan Real Estate Department as they ultimately hold the authority to grant exceptions or offer alternative options.

IMPORTANT REMINDER

The information provided on this page is for general guidance purposes only. Always consult with the official Michigan government website for the most up-to-date and accurate information regarding Legal Update requirements.

Breeze through Your CE Requirements with Ease!

In Michigan, staying informed and compliant with CE requirements including the required Legal Update is essential for maintaining your license and practicing real estate effectively and ethically.

Getmerenewed.com is your best solution for hassle-free and convenient CE courses with seamless online access and expertly crafted content tailored specifically to Michigan’s requirements.

• Convenient Online Learning. User-friendly platform offers the flexibility to study anytime, anywhere!
• Expert Content. Stay ahead with up-to-date and relevant legal updates.
• Reliable Certification. Trusted by many professionals for license renewal.

Click on the link now to sign up!