Cal. Code Regs. tit. 10 § 2903

Current through Register 2024 Notice Reg. No. 45, November 8, 2024
Section 2903 - Disclosure by Person or Entity Acting in a Transaction as Both Agent in a Sale, Lease, or Exchange and as an Arranger of Financing

When a corporate real estate broker, individual real estate broker, or real estate broker or salesperson retained by a corporate or individual real estate broker (hereinafter each of the foregoing licensees will be referred to as "Real Estate Licensee") who is acting as an agent in connection with a sale, lease or exchange of real property undertakes to arrange financing with respect to the transaction, or where a Real Estate Licensee who is arranging financing in connection with a sale, lease or exchange of real property undertakes to act as a real estate agent with respect to the transaction, the Real Estate Licensee shall, within twenty-four (24) hours of the undertaking (through which the Real Estate Licensee will have dual roles as a real estate agent and an arranger of financing), make a written disclosure of those roles to all parties to the sale, lease, or exchange, and any related loan or financing transaction. Where the Real Estate Licensee is a real estate salesperson retained by a corporate or individual real estate broker, the written disclosure must be made by the real estate broker who retains the salesperson. The written disclosure made by the Real Estate Licensee shall include an acknowledgement of receipt, which acknowledgment must be signed by all parties to the transaction.

Cal. Code Regs. Tit. 10, § 2903

1. New section filed 10-6-2009; operative 11-5-2009 (Register 2009, No. 41). For prior history, see Register 83, No. 30.
2. Amendment filed 1-21-2022; operative 4-1-2022 (Register 2022, No. 3).

Note: Authority cited: Section 10080, Business and Professions Code. Reference: Section 10177.6, Business and Professions Code.

1. New section filed 10-6-2009; operative 11-5-2009 (Register 2009, No. 41). For prior history, see Register 83, No. 30.
2. Amendment filed 1-21-2022; operative 4/1/2022 (Register 2022, No. 3).