Today's Law As Amended


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AB-1750 Real property transactions: definitions.(2015-2016)



As Amends the Law Today
As Amends the Law on Nov 22, 2016


SECTION 1.

 Section 2079.13 of the Civil Code is amended to read:

2079.13.
 As used in this section and Sections 2079.7 Sections 2079.7,  and 2079.14 to 2079.24, inclusive, the following terms have the following meanings:
(a) “Agent” means a person acting under provisions of Title 9 (commencing with Section 2295) in a real property transaction, and includes a person who is licensed as a real estate broker under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code, and under whose license a listing is executed or an offer to purchase is obtained.
(b) “Associate licensee” means a person who is licensed as a real estate broker or salesperson under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code and who is either licensed under a broker or has entered into a written contract with a broker to act as the broker’s agent in connection with acts requiring a real estate license and to function under the broker’s supervision in the capacity of an associate licensee.
The agent in the real property transaction bears responsibility for that agent’s salespersons or broker associates  his or her associate licensees  who perform as agents of the agent. When a salesperson or broker associate  an associate licensee  owes a duty to any principal, or to any buyer or seller who is not a principal, in a real property transaction, that duty is equivalent to the duty owed to that party by the broker for whom the salesperson or broker associate  associate licensee  functions.
(b) (c)  “Buyer” means a transferee in a real property transaction, and includes a person who executes an offer to purchase real property from a seller through an agent, or who seeks the services of an agent in more than a casual, transitory, or preliminary manner, with the object of entering into a real property transaction. “Buyer” includes a  vendee or lessee of real property. lessee. 
(c) (d)  “Commercial real property” means all real property in the state, except (1)  single-family residential real property, (2)  dwelling units made subject to Chapter 2 (commencing with Section 1940) of Title 5, (3) a mobilehome,  mobilehomes,  as defined in Section 798.3, (4) vacant land, or (5) a recreational vehicle, or recreational vehicles,  as defined in Section 799.29.
(d) (e)  “Dual agent” means an agent acting, either directly or through a salesperson or broker associate,  an associate licensee,  as agent for both the seller and the buyer in a real property transaction.
(e) (f)  “Listing agreement” means a written  contract between a seller an owner  of real property and an agent, by which the agent has been authorized to sell the real property or to find or obtain a buyer, including rendering other services for which a real estate license is required to the seller pursuant to the terms of the agreement. buyer. 
(f) (g)  “Seller’s “Listing  agent” means a person who has obtained a listing of real property to act as an agent for compensation.
(g) (h)  “Listing price” is the amount expressed in dollars specified in the listing for which the seller is willing to sell the real property through the seller’s listing  agent.
(h) (i)  “Offering price” is the amount expressed in dollars specified in an offer to purchase for which the buyer is willing to buy the real property.
(i) (j)  “Offer to purchase” means a written contract executed by a buyer acting through a buyer’s selling  agent that becomes the contract for the sale of the real property upon acceptance by the seller.
(j) (k)  “Real property” means any estate specified by subdivision (1) or (2) of Section 761 in property, and includes (1) single-family residential property, (2) multiunit residential property with more than property that constitutes or is improved with one to  four dwelling units, (3) any  commercial real property, (4) vacant land, (5) a ground lease coupled with improvements, or (6) a manufactured home as defined in Section 18007 of the Health and Safety Code, or a mobilehome as defined in Section 18008 of the Health and Safety Code,  any leasehold in these types of property exceeding one year’s duration, and mobilehomes,  when offered for sale or sold through an agent pursuant to the authority contained in Section 10131.6 of the Business and Professions Code.
(k) (l)  “Real property transaction” means a transaction for the sale of real property in which an agent is retained by a buyer, seller, or both a buyer and seller  employed by one or more of the principals  to act in that transaction, and includes a listing or an offer to purchase.
(l) “Single-family residential property” or “single-family residential real property” means any of the following:
(1) Real property improved with one to four dwelling units, including a leasehold exceeding one year’s duration.
(2) A unit in a residential stock cooperative, condominium, or planned unit development.
(3) A mobilehome or manufactured home when offered for sale or sold through a real estate broker pursuant to Section 10131.6 of the Business and Professions Code.
(m) “Sell,” “sale,” or “sold” refers to a transaction for the transfer of real property from the seller to the buyer buyer,  and includes exchanges of real property between the seller and buyer, transactions for the creation of a real property sales contract within the meaning of Section 2985, and transactions for the creation of a leasehold exceeding one year’s duration.
(n) “Seller” means the transferor in a real property transaction transaction,  and includes an owner who lists real property with an agent, whether or not a transfer results, or who receives an offer to purchase real property of which they are  he or she is  the owner from an agent on behalf of another. “Seller” includes both a vendor and a lessor of real property. lessor. 
(o) “Buyer’s agent” means  “Selling agent” means a listing agent who acts alone, or  an agent who represents a buyer in a real property transaction. acts in cooperation with a listing agent, and who sells or finds and obtains a buyer for the real property, or an agent who locates property for a buyer or who finds a buyer for a property for which no listing exists and presents an offer to purchase to the seller. 
(p) “Subagent” means a person to whom an agent delegates agency powers as provided in Article 5 (commencing with Section 2349) of Chapter 1 of Title 9. However, “subagent” does not include an associate licensee who is acting under the supervision of an agent in a real property transaction.