Title: 
Headings: 
GOVERNMENT
 
REGULATION
 
OF
 
BROKERAGE
 
TRANSACTIONS
 

The
 
Police
 
Power
 
and
 
the
 
Real
 
Estate
 
Law
 

Subdivisions
 

Law
 
Codified
 
 

Administration
 
by
 
Commissioner
 

When
 
a
 
Real
 
Estate
 
License
 
is
 
Required
 
 

Exemptions
 
From
 
License
 
Requirements
 

Examinations
 
Required
 
 

Applications
  

Fingerprint
 
Requirement
 

Proof
 
of
 
Legal
 
Presence
 

License
 
Term
 

ORIGINAL
 
REAL
 
ESTATE
 
BROKER
 
LICENSE
 

Experience
 
Qualification
 

Alternate
 
Qualification
 
Methods
 
 

Examination
 
for
 
Original
 
Broker
 
License
 

Combined
 
Exam/License
 
Application
 

CORPORATE
 
REAL
 
ESTATE
 
LICENSE
 

Broker-Officers
  

Corporation
 
Background
 
Statement

Certificate
 
of
 
Qualification
 
-
 
Foreign
 
Corporation
  

Fictitious
 
Business
 
Name
 
(dba)
  

Salesperson
 
Licensed
 
to
 
Corporation
 

Replacing
 
the
 
Designated
 
Broker-Officer
 

Adding
 
a
 
New
 
Officer
 
as
 
the
 
Designated
 
Officer
 

Change
 
of
 
Designated
 
Officer
 
when
 
Both
 
Currently
 
Hold
 
a
 
Broker-Officer
 
License
 
with
 
Corporation
 

Change
 
of
 
Main
 
Office
 
or
 
Mailing
 
Address
 

Change
 
of
 
Corporation
 
Name
 

ORIGINAL
 
SALESPERSON
 
LICENSE
 

License
 
Requirements
 

Combined
 
Exam/License
 
Application
 

MORTGAGE
 
LOAN
 
ORIGINATOR
 
(MLO)
 
LICENSE
 
ENDORSEMENT
 
REQUIREMENTS
 

Definition
 
of
 
a
 
Residential
 
Mortgage
 
Loan
 
Originator
 
and
 
Residential
 
Mortgage
 
Loan
 

Pre-License
 
Education
 
Requirement
 

Examination
 
Requirement
 

Fingerprint/Background
 
Requirement
 
 

Financial
 
Responsibility/Credit
 
Report
 
Requirement
 

Renewal
 
and
 
Continuing
 
Education
 
Requirement
 

LICENSE
 
RENEWALS
 
-
 
BROKERS
 
AND
 
SALESPERSONS
 

Late
 
Renewal
 

OTHER
 
LICENSE
 
INFORMATION
 

Social
 
Security
 
Number
  

Child
 
Support
 
Obligors
 

Non-Working
 
Status
 

Mineral,
 
Oil,
 
and
 
Gas
 
Licenses
 

Partnerships
  

Restricted
 
License
  

Fees
 

CONTINUING
 
EDUCATION
 

Renewal
 
Procedure
 

Exclusion
 
from
 
CE
 
Requirement
 

List
 
of
 
Approved
 
Sponsors
 
and
 
Their
 
Offerings
 

MISCELLANEOUS
 
INFORMATION
 

Main
 
Office
 
Address
 
Change
 

Branch
 
Office
 

Fictitious
 
Business
 
Name

Mailing
 
Addresses
 

Non-Resident
 
Information
 

Transfer
 
of
 
Salesperson
 
License
 

Termination
 
of
 
Salesperson
 
for
 
Violation
 

Effect
 
of
 
Revocation
 
or
 
Suspension
 

Loss
 
of
 
License
 
Status
 

PREPAID
 
RENTAL
 
LISTING
 
SERVICE
 
LICENSE
 
(PRLS)
 

ENFORCEMENT
 
OF
 
REAL
 
ESTATE
 
LAW
 

Formal
 
Hearings
 

Violations
 

Other
 
Penalty
 
Sections
 

Examples
 
of
 
Unlawful
 
Conduct
 
-
 
Sale,
 
Lease,
 
or
 
Exchange
 

Examples
 
of
 
Unlawful
 
Conduct
 
-
 
Loan
 
Transactions
 

Regulations
 

DISCRIMINATION
 

Age
 
Discrimination
 
-
 
Senior
 
Citizen
 
Housing
 
 

Housing
 
Discrimination
 

Other
 
State
 
Laws
 
and
 
Regulations
 

Notice
 
of
 
Discriminatory
 
Restrictions
 

The
 
Federal
 
Rules
 

SUBDIVISIONS
 

DEPARTMENT
 
PUBLICATIONS
 

RECOVERY
 
ACCOUNT
 


Content: (Note
 
that
 
these
 
laws
 
are
 
quite
 
different
 
in
 
purpose
 
and
 
operation
 
from
 
real
 
property
 
law,
 
law
 
of
 
agency,
 
contract
 
law,
 
or
 
other
 
legal
 
aspects
 
of
 
real
 
estate
 
ownership
 
and
 
conveyancing.) Administration
 
by
 
Commissioner
 
The
 
Commissioner’s
 
mission
 
is
 
to
 
enforce
 
the
 
Real
 
Estate
 
Law
 
and
 
the
 
Subdivided
 
Lands
 
Law
 
in
 
a
 
manner
 
which
 
achieves
 
maximum
 
protection
 
for
 
persons
 
dealing
 
with
 
real
 
estate
 
licensees
 
and
 
for
 
purchasers
 
of
 
subdivided
 
real
 
property. Foremost
 
among
 
the
 
Commissioner’s
 
specific
 
duties
 
are: the
 
qualification
 
of
 
applicants
 
and
  
 
issuance
 
of
 
 
real
 
estate
 
licenses; the
 
investigation
 
of
 
complaints
 
and,
 
where
 
appropriate,
 
pursuit
 
of
 
formal
 
action
 
against
 
licensees; the
 
investigation
 
of
 
nonlicensees
 
alleged
 
to
 
be
 
performing
 
acts
 
for
 
which
 
a
 
license
 
is
 
 
required; and
 
the
 
regulation
 
of
 
the
 
sale
 
or
 
lease
 
of
 
subdivision
 
interests. The
 
Commissioner
 
also,
 
through
 
real
 
estate
 
broker
 
and
 
other
 
license
 
requirements,
 
regulates
 
dealings
 
in
 
mineral,
 
oil,
 
and
 
gas
 
property
 
 
and
 
Prepaid
 
Rental
 
Listing
 
Services. When
 
a
 
Real
 
Estate
 
License
 
is
 
Required
 
 
Sections
 
10131,
 
10131.1,
 
10131.2,
 
10131.3,
 
10131.4,
 
10131.45,
 
 
and
 
10131.6
 
of
 
the
 
Business
 
and
 
Professions
 
Code
 
(hereinafter,
 
the
 
Code)
 
define
 
the
 
scope
 
of
 
a
 
real
 
estate
 
broker’s
 
activity. Mortgage
 
loan
 
 
broker
 
activities
 
may
  
 
be
 
found
 
in
 
 
Sections
 
10131
 
(d)
 
and
 
10240,
 
et
 
seq.