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Updated over 16 years ago, 07/18/2008
Help me Understand these Legal Terms, please
Team
I spoke to my attorney about the Wholesaling Contracts and Forms that I obtained from a product I bought. He reviewed and said things are good but started talking about my Wholesaling and wanted me to make sure that I am not doing something that a RE Broker would be doing with a License in place. If not, I would be (reported to the DA) sued for malpractice or illegal RE Buying/Selling, etc. This I am not sure, if is specific to CA RE Law. I have an excerpt from leginfo.ca.gov. It appears to be similar to what I might probably do in Wholesaling (like soliciting sellers to purchase, selling it to someone else, etc.). I am not sure if I understand the Legal terms, but any help is highly appreciated. Thanks much!!
10130. It is unlawful for any person to engage in the business, act
in the capacity of, advertise or assume to act as a real estate
broker or a real estate salesman within this state without first
obtaining a real estate license from the department.
The commissioner may prefer a complaint for violation of this
section before any court of competent jurisdiction, and the
commissioner and his counsel, deputies or assistants may assist in
presenting the law or facts at the trial.
It is the duty of the district attorney of each county in this
state to prosecute all violations of this section in their respective
counties in which the violations occur.
10131. A real estate broker within the meaning of this part is 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 of the following acts for another or others:
(a) Sells or offers to sell, buys or offers to buy, solicits
prospective sellers or purchasers of, solicits or obtains listings of,
or negotiates the purchase, sale or exchange of real property or a
business opportunity.
(b) Leases or rents or offers to lease or rent, or places for
rent, or solicits listings of places for rent, or solicits for
prospective tenants, or negotiates the sale, purchase or exchanges of
leases on real property, or on a business opportunity, or collects
rents from real property, or improvements thereon, or from business
opportunities.
(c) Assists or offers to assist in filing an application for the
purchase or lease of, or in locating or entering upon, lands owned by
the state or federal government.
(d) Solicits borrowers or lenders for or negotiates loans or
collects payments or performs services for borrowers or lenders or
note owners in connection with loans secured directly or collaterally
by liens on real property or on a business opportunity.
(e) Sells or offers to sell, buys or offers to buy, or exchanges
or offers to exchange a real property sales contract, or a promissory
note secured directly or collaterally by a lien on real property or
on a business opportunity, and performs services for the holders
thereof.
Cheers
Ram