§ 42-1706 — Establishment of Real Estate Guaranty and Education Fund; Mayor to determine sum for deposit into Fund.

District of Columbia § 42-1706

• Jurisdiction: District of Columbia
• Title 42: Real Property.
• Ch. 17: Real Estate Brokers’ Duties.
• Subch. I: General.

Text

(a) There is established a Real Estate Guaranty and Education Fund (“Fund”).

(1) Except as provided in § 42-1707(k) , on or after March 10, 1983, every real estate broker, real estate salesperson and property manager licensed under this subchapter shall, as a condition for renewing his or her license, pay in addition to any other fees required under this subchapter, the sum to be established by the Mayor for deposit into the Fund. On or after March 10, 1983, any person, before receiving an original real estate broker, real estate salesperson, or property manager license, shall pay, in addition to any other fees required under this subchapter, a sum to be established by the Mayor for deposit into the Fund.

(2) Such amounts as may be appropriated to the Fund shall be deposited into the Fund.

(3) In Fiscal Year 2020, $600,000 shall be deposited into the Fund from Fiscal Year 2019 local fund resources.

(c) Money in the Fund shall be used for purposes consistent with § 42-1707 .

(1) The money deposited into the Fund but not expended in a fiscal year shall not revert to the unassigned fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time.

(2) Subject to authorization in an approved budget and financial plan, any funds appropriated in the Fund shall be continually available without regard to fiscal year limitation.

Legislative History

Mar. 10, 1983, D.C. Law 4-209, § 29, 30 DCR 390; Sept. 26, 1984, D.C. Law 5-117, § 2(t), 31 DCR 4023