All Forum Posts by: Eugene Y.

Assume a broker John having both the BROKER license and the SALESPERSON license.

1) Can he hangs his SALESPERSON license to a third party broker such as RE/MAX, i.e., this broker is hired by RE/MAX as an independent contractor working as a selling agent, 

AND at the mean time, 

2) he hires other salesperson licensees to do the sales for himself (since John also holds a BROKER license)?

I mean the broker, John,  is executing two duties at the same time, selling homes himself as a selling agent, but also act as a broker hring other sales agents to do the selling for himself.

Is this allowed by Cal BRE?

Thanks

I have already known that.  My question is about the broker.  

Can the broker (assume he/she also has a sales license, besides the broker license) go out to act as a sales person to represent the buyer or the seller him/herself?

OR, 

the broker can only take one role at a time, i.e., either as a broker, in this case he/she hires other associate licensees to do the selling/buying, or as a sales licensee, in that case the broker can not hire other associate licensee but do the selling/buying him/herself?

This question is for the rules in California.  After a person gets the real estate sales license, the licensee will hang his/her license under a licensed real estate broker, before the licensee goes out to represent the buyer or the seller.  That is understood.

My question is about the broker.  Can the broker (assume he/she also has a sales license, besides the broker license) go out to act as a sales person to represent the buyer or the seller him/herself?  

OR, the broker can only take one role at a time, i.e., either as a broker, in this case he/she hires other associate licensees to do the selling/buying, or as a sales licensee, in that case the broker can not hire other associate licensee but do the selling/buying him/herself?

Thanks to help.

Under the California Business and Professions Code, it is required in the sale of residential property of not more than four units that the listing (or other document that initially establishes the broker's right to a commission, or changes the commission rate) contains the clause: "Notice: The amount or rate of real estate commissions is not fixed by law. They are set by each broker individually and may be negotiable between the seller and broker."

Which CAR form contains the above statement?  Or, I need to create a separate form to do it?

In california, when represent a buyer to purchase a subdivision property (such as a condo), the subdivision law requires that the broker must furnish the prospective buyer with a copy of the subdivision public report, obtain a receipt, and give the prospective buyer an opportunity to read the report before the prospect makes an offer to purchase.

Where and how can I get the subdivision public report? from the condo developer, home owner association, or else?

In california, when represent a buyer to purchase a subdivision property (such as a condo), the subdivision law requires that the broker must furnish the prospective buyer with a copy of the subdivision public report, obtain a receipt, and give the prospective buyer an opportunity to read the report before the prospect makes an offer to purchase.

Where and how can I get the subdivision public report? from the condo developer, home owner association, or else?

The following the requirement for the seller to diclose in California.  

1102.6c. (a) In addition to any other disclosure required pursuant to this article, it shall be the sole responsibility of the seller of any real property subject to this article, or his or her agent, to deliver to the prospective purchaser a disclosure notice that includes both of the following:

1. A notice, in at least 12-point type or a contrasting color, as follows:

"California property tax law requires the Assessor to revalue real property at the time the ownership of the property changes. Because of this law, you may receive one or two supplemental tax bills, depending on when your loan closes.

The supplemental tax bills are not mailed to your lender. If you have arranged for your property tax payments to be paid through an impound account, the supplemental tax bills will not be paid by your lender. It is your responsibility to pay these supplemental bills directly to the Tax Collector.

If you have any question concerning this matter, please call your local Tax Collector's Office."

2. A title, in at least 14-point type or a contrasting color that reads as follows: "Notice of Your 'Supplemental' Property Tax Bill."

• Keep in mind that including the required information in the Mello-Roos disclosure may satisfy the disclosure notice requirements of this section. Supplemental taxes may be assessed whether a new loan is obtained or an existing loan is assumed to accomplish the purchase of the property, or whether the property is purchased without financing.

My quesition is, how does the seller to disclose the above information?  which CAR form to use?

In California, can one buy a house and then let it sit there without renting it out or live in it? If so, for how long can the owner keep it vacant?

(Scenario: An investor purchases a house for the investment purpose.  But, since the house is brand new and high valued, the owner does not want to rent it out.  The owner wants to stage the property vacant for several years)

Have acouple of questions regarding to the licensed real estate agent.

For an agent in southern California, what local board is available for joining?

Once join the local board, will the agent automatically become a member in CAR, NAR and MLS?

or, the agent has to pay a separate membership fee to each oraganization, in order to become a member?

Thanks

California Residential Purchase Agreement and Join Escrow Instructions 

6. Statutory Disclosures

A. (1) Real Estate Tranfer Disclousre Statement (TDS)

--What is this TDS for?

C. Withholding Taxes: Seller shall Deliver to Buyer or qualified substitute, an affidavid sufficient to comply with federal (FIRPTA) or California withholding law

--How is the affifavid done?  Why need it?

Thanks

Eugene