GOLD FORTUNE REALTY
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CONTACT US NOW
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We are totally focused on
our client's needs, and we
work hard to realize their
dreams as if they were
our own.
GOLD FORTUNE REALTY
our client's needs, and we
work hard to realize their
dreams as if they were
our own.
GOLD FORTUNE REALTY
WHAT YOU SHOULD KNOW ABOUT REAL ESTATE ACTIVITIES
Disclosure of Licensed Status in Advertising
California Business & Professions Code 10140.6 states:" A real estate licensee shall not publish,
circulate, distribute, nor cause to be published, circulated or distribted in any newspaper or
periodical, or by mail any matter pertaining to any activity for which a real estate license is required
which does not contain a designation disclosing that he is performing acts for which a real estate
license is required."
A mortgage broker may be licensed by either the California Department of Corporations or the
California Department of Real Estate.
California Business and Professions Code Section 10130 does require that any person who
engages in the business, acts in the capacity of, advertises or assumes to act as a real estate
broker or salesperson within this state must hold a California Real Estate License. That includes
conducting mortgage loan activities in other states from within California unless otherwise
exempted from the licensing requirements pursuant to Business and Professions Code 10133.1(a).
In addition, the California Business and Professions Code Section 10236.4 (a) provides: “In
compliance with Section 10235.5 every licensed real estate broker shall also display his or her
license number on all advertisements where there is a solicitation for borrowers or potential
investors.
Prior to using the services of a mortgage broker ensure that you check to make sure they are
properly licensed by checking with the California Department of Corporations at www.corp.ca.gov or
1-866-275-2677 and/or the California Department of Real Estate at www.dre.ca.gov or (916) 227-
0931.
Always ensure you check the license status of an individual or business before you do business
with them. Not only is a license required for any type of real estate activities, a business license is
required for doing business in a particular jurisdiction (City). In addition, a filing of a Fictitious
Business License is required with the County and the California Department of Real Estate when
the individual or business is using a Fictitious Business Name.
The Term REALTOR®
Not all agents or every one who sells real estate are considered a "REALTOR® ." The term
"REALTOR® " is a registered trademark. A REALTOR® is a member of the National Association of
Realtors and the California Association of Realtors concurrently. A REALTOR® subscribes to a
strict of Code of Ethics developed by the National Association of Realtors. Brokers or Salespersons
who are not members of the National Association of Realtors cannot use the term REALTOR® . To
check if a Broker or Salesperson is a Realtor, go to the California Association of Realtor's website
at: http://www.car.org
Broker and Salesperson
There is a general distinction between a Broker and a Salesperson. In a nutshell, the Broker runs or
owns the business while the Salesperson works for the Broker. A Broker may also work for another
Broker. A Salesperson must be supervised by a Broker, thus needs to be affiliated with a Broker.
The California Department of Real Estate will indicate what type of license an individual has either a
Broker or Salesperson license as appropriate. To check status of a licensee, go to http://www.dre.ca.
gov.
To file a compliant against a Broker or Salesperson go to http://www.dre.ca.gov.
ADVISORY NOTICE
On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94), and the legislation took
effect immediately upon his signature. California law now prohibits any person, including real estate
licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan
modification or mortgage loan forbearance services affecting 1 – 4 unit residential dwellings.
The full text of the legislation is below:
http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0051-0100/sb_94_bill_20090910_enrolled.html
A $10,000 fine plus one-year imprisonment for individuals, or a $50,000 fine for businesses for
violation of state law.
Copyright 2008
Disclosure of Licensed Status in Advertising
California Business & Professions Code 10140.6 states:" A real estate licensee shall not publish,
circulate, distribute, nor cause to be published, circulated or distribted in any newspaper or
periodical, or by mail any matter pertaining to any activity for which a real estate license is required
which does not contain a designation disclosing that he is performing acts for which a real estate
license is required."
A mortgage broker may be licensed by either the California Department of Corporations or the
California Department of Real Estate.
California Business and Professions Code Section 10130 does require that any person who
engages in the business, acts in the capacity of, advertises or assumes to act as a real estate
broker or salesperson within this state must hold a California Real Estate License. That includes
conducting mortgage loan activities in other states from within California unless otherwise
exempted from the licensing requirements pursuant to Business and Professions Code 10133.1(a).
In addition, the California Business and Professions Code Section 10236.4 (a) provides: “In
compliance with Section 10235.5 every licensed real estate broker shall also display his or her
license number on all advertisements where there is a solicitation for borrowers or potential
investors.
Prior to using the services of a mortgage broker ensure that you check to make sure they are
properly licensed by checking with the California Department of Corporations at www.corp.ca.gov or
1-866-275-2677 and/or the California Department of Real Estate at www.dre.ca.gov or (916) 227-
0931.
Always ensure you check the license status of an individual or business before you do business
with them. Not only is a license required for any type of real estate activities, a business license is
required for doing business in a particular jurisdiction (City). In addition, a filing of a Fictitious
Business License is required with the County and the California Department of Real Estate when
the individual or business is using a Fictitious Business Name.
The Term REALTOR®
Not all agents or every one who sells real estate are considered a "REALTOR® ." The term
"REALTOR® " is a registered trademark. A REALTOR® is a member of the National Association of
Realtors and the California Association of Realtors concurrently. A REALTOR® subscribes to a
strict of Code of Ethics developed by the National Association of Realtors. Brokers or Salespersons
who are not members of the National Association of Realtors cannot use the term REALTOR® . To
check if a Broker or Salesperson is a Realtor, go to the California Association of Realtor's website
at: http://www.car.org
Broker and Salesperson
There is a general distinction between a Broker and a Salesperson. In a nutshell, the Broker runs or
owns the business while the Salesperson works for the Broker. A Broker may also work for another
Broker. A Salesperson must be supervised by a Broker, thus needs to be affiliated with a Broker.
The California Department of Real Estate will indicate what type of license an individual has either a
Broker or Salesperson license as appropriate. To check status of a licensee, go to http://www.dre.ca.
gov.
To file a compliant against a Broker or Salesperson go to http://www.dre.ca.gov.
ADVISORY NOTICE
On October 11, 2009, Governor Schwarzenegger signed Senate Bill 94), and the legislation took
effect immediately upon his signature. California law now prohibits any person, including real estate
licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan
modification or mortgage loan forbearance services affecting 1 – 4 unit residential dwellings.
The full text of the legislation is below:
http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0051-0100/sb_94_bill_20090910_enrolled.html
A $10,000 fine plus one-year imprisonment for individuals, or a $50,000 fine for businesses for
violation of state law.
Copyright 2008
