What is the CA Real Estate Commissioner’s responsibility?
to enforce Real Estate Law and the Subdivided Lands Law in a manner in which maximum protection for real estate consumers is achieved
Commissioner’s specific responsibilities:
- qualification of applicants/ issuing licenses
- investigation of complaints
- regulation of sale or lease of subdivision interests
- through RE broker and other license requirements, the regulation of dealings in mineral, oil and gas property and Prepaid Rental Listing Services
When is a RE License required?
when for compensation for another person negotiates or undertakes: selling or buying, soliciting prospective sellers/ buyers, solicits/ obtains listings, negotiates real property, assists in filing an app, negotiates loans, collects payment, leases or rents
Section 10176 of the Business Professions Code
legal guideline for the actions of a real estate licensee performing or attempting to perform any of the licensed acts within the scope of the Real Estate Law
Section 10177 of the Business Professions Code
applies to situations in which the licensee involved was not necessarily acting in the capacity of an agent
Violations of Section 10176
- Definite termination date
- Secret Profit
- Listing option
- Dishonest dealing
- Signatures of prospective purchasers
Violations of Section 10177
- Obtaining a license by fraud
- Convictions
- False advertising
- Violations of other sections; Franchise Investment Law; Corporations Code; Securities Law;
- Misuse of trade name
- Conduct warranting denial
- Negligence or incompetence
- Supervision of salesperson
- Violating govt trust
- Restricted license violation
- Inducement of panic selling
Real Estate General Fund
an acct that holds all the money collected from license and exam fees, and is used for the operating expenses of the DRE
