California CodesBusiness and Professions Code - BPCDivision 4 — Real EstatePart 1 — Licensing of PersonsChapter 3 — Real Estate RegulationsArticle 5 — Transactions in Trust Deeds and Real Property Sales ContractsSection 10236.7
(a) A real estate broker, when engaging in acts for which a license is required, who arranges a transaction pursuant to Article 6 (commencing with Section 10237) or one or more provisions of the Corporate Securities Law of 1968 (Division 1 (commencing with Section 25000) of Title 4 of the Corporations Code), shall clearly indicate in the real estate broker’s transaction file the provision or provisions of this code or the Corporate Securities Law of 1968 pertaining to qualification or exemption from qualification under which the transaction is being conducted. The real estate broker shall retain this information for the period specified in subdivision (a) of Section 10148.
(b) The real estate broker shall submit a copy of the information described in subdivision (a) to any investor from whom the real estate broker obtains funds in connection with the transaction, either directly or through an agent or affiliate, within 10 days of receipt of those funds.
Notes
Requires a broker arranging a transaction under the specified real estate or securities provisions to identify in the transaction file the code provision governing qualification or exemption and retain that information for the cited period. The broker must give a copy to any investor from whom transaction funds are obtained within 10 days after receiving those funds.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 10236.7 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-4/part-1/chapter-3/article-5/section-10236-7