Bill Text: CA SB541 | 2013-2014 | Regular Session | Amended

California Senate Bill 541 (Prior Session Legislation)

Bill Title: Real Estate Commissioner: Elder Financial Abuse Advisory

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2014-02-03 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB541 Detail]

Download: California-2013-SB541-Amended.html

BILL NUMBER: SB 541	AMENDED
	BILL TEXT

	AMENDED IN SENATE  APRIL 29, 2013

INTRODUCED BY   Senator Wyland

                        FEBRUARY 22, 2013

   An act to  amend   add  Section 
2079.13 of   10089 to  the  Civil
  Business and Professions  Code, relating to real
 property.   estate. 



	LEGISLATIVE COUNSEL'S DIGEST


   SB 541, as amended, Wyland.  Residential property.
  Real Estate Commissioner: Elder Financial  
Abuse   Advisory   Committee   . 

   The Real Estate Law provides for the regulation and licensure of
real estate brokers and real estate salespersons by the Department of
Real Estate, which is overseen by the Real Estate Commissioner, the
chief officer of the Department of Real Estate. Under existing law,
protection of the public is the highest priority for the Department
of Real Estate in exercising its licensing, regulatory, and
disciplinary functions.  
   This bill would require the department to establish, by January 1,
2016, an Elder Financial Abuse Advisory Committee, as prescribed, to
provide to the commissioner, beginning January 1, 2017, and annually
thereafter, reports analyzing the department's financial policies
relating to real estate and identifying those policies that
negatively impact elderly residents.  
   Existing law requires listing agents and selling agents to provide
the seller and buyer in a real property transaction with a copy of a
specified disclosure form and, except as specified, to obtain a
signed acknowledgment of receipt from that seller or buyer subject to
certain terms and conditions. Existing law defines various terms for
purposes of carrying out that and other related disclosure
provisions.  
   This bill would make a nonsubstantive change to that definition
provision. 
   Vote: majority. Appropriation: no. Fiscal committee:  no
  yes  . State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

   SECTION 1.    Section 10089 is added to the 
 Business and Professions Code   , to read:  
   10089.  The department shall establish, by January 1, 2016, an
Elder Financial Abuse Advisory Committee. The committee shall be
comprised of five representatives from nonprofit corporations that
are organized pursuant to Section 501(c)(3) of the Internal Revenue
Code and that maintain the primary purpose of serving the elderly
population of California. Beginning January 1, 2017, and annually
thereafter, the committee shall provide to the commissioner reports
analyzing the department's financial policies relating to real estate
and identifying those policies that negatively impact elderly
residents.  
  SECTION 1.    Section 2079.13 of the Civil Code is
amended to read:
   2079.13.  As used in Sections 2079.14 to 2079.24, inclusive, the
following terms shall 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 his or her associate licensees who perform as agents of the
agent. When 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 associate licensee functions.
   (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
vendee or lessee.
   (d) "Dual agent" means an agent acting, either directly or through
an associate licensee, as agent for both the seller and the buyer in
a real property transaction.
   (e) "Listing agreement" means a contract between 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.
   (f) "Listing agent" means a person who has obtained a listing of
real property to act as an agent for compensation.
   (g) "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 listing agent.
   (h) "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) "Offer to purchase" means a written contract executed by a
buyer acting through a selling agent which becomes the contract for
the sale of the real property upon acceptance by the seller.
   (j) "Real property" means any estate specified by subdivision (1)
or (2) of Section 761 in property which constitutes or is improved
with one to four dwelling units, any leasehold in this type 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) "Real property transaction" means a transaction for the sale
of real property in which an agent is employed by one or more of the
principals to act in that transaction, and includes a listing or an
offer to purchase.
   (  l  ) "Sell," "sale," or "sold" refers to a
transaction for the transfer of real property from the seller to the
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.
   (m) "Seller" means the transferor in a real property 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 he or she is the owner from an agent on behalf of
another. "Seller" includes both a vendor and a lessor.
   (n) "Selling agent" means a listing agent who acts alone, or an
agent who 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.
   (o) "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.