AB 482: Real estate brokers.
- Session Year: 2017-2018
- House: Assembly
- Latest Version Date: 2017-02-13
Existing law prohibits any person from engaging in the business of, acting in the capacity of, advertising as, or assuming to act as, a real estate broker or a real estate salesperson without first obtaining a real estate license, as specified. Existing law defines a real estate broker for this purpose as a person who, for a compensation or in expectation of a compensation, regardless of the form or time of payment, does or negotiates to do one or more specified acts for another or others, except when performed by, among other specified persons, a regular officer of a corporation or a general partner of a partnership with respect to real property owned or leased by the corporation or partnership, respectively, or in connection with the proposed purchase or leasing of real property by the corporation or partnership, respectively, if the acts are not performed by the officer or partner in expectation of special compensation.
This bill would exempt from this definition a person who performs the above-described acts for another or others as a regular officer of a nonprofit limited liability company that provides affordable housing through a housing development approved by the federal Department of Housing and Urban Development, the California Tax Credit Allocation Committee, and the California Housing Finance Agency.
(a)The acts described in Section 10131 are not acts for which a real estate license is required if performed by:
(1)A regular officer of a corporation or a general partner of a partnership with respect to real property owned or leased by the corporation or partnership, respectively, or in connection with the proposed purchase or leasing of real property by the corporation or partnership, respectively, if the acts are not performed by the officer or partner in expectation of special compensation.
(2)A person holding a duly executed power of attorney from the owner of the real property with respect to which the acts are performed.
(3)An attorney at law in rendering legal services to a client.
(4)A receiver, trustee in bankruptcy or other person acting under order of a court of competent jurisdiction.
(5)A trustee for the beneficiary of a deed of trust when selling under authority of that deed of trust.
(6)A regular officer of a nonprofit limited liability company that provides affordable housing through a housing development that has been approved by the federal Department of Housing and Urban Development, the California Tax Credit Allocation Committee, and the California Housing Finance Agency.
(b)The exemptions in subdivision (a) are not applicable to a person who uses or attempts to use them for the purpose of evading the provisions of this part.
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Date
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Status
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| Feb 1, 2018 | From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. |
| Jan 31, 2018 | Died pursuant to Art. IV, Sec. 10(c) of the Constitution. |
| Feb 27, 2017 | Referred to Com. on B. & P. |
| Feb 14, 2017 | From printer. May be heard in committee March 16. |
| Feb 13, 2017 | Read first time. To print. |
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