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can someone explain this to me? Hi Ward!

Posted by AmandaG on November 20, 2003 at 6:48 PM

I want to buy non-performing loans and occasionally flip them. Can I do that in Ca? Is there a limit? Is there a limit on the JBB biz? I know supposedly I don't have to be a broker, but what does this mean? Thanks in advavce.

10131.1. A real estate broker within the meaning of this part is
also a person who engages as a principal in the business of buying
from, selling to, or exchanging with the public, real property sales
contracts or promissory notes secured directly or collaterally by
liens on real property, or who makes agreements with the public for
the collection of payments or for the performance of services in
connection with real property sales contracts or promissory notes
secured directly or collaterally by liens on real property.
As used in this section, "in the business" means any of the
following:
(a) The acquisition for resale to the public, and not as an
investment, of eight or more real property sales contracts or
promissory notes secured directly or collaterally by liens on real
property during a calendar year.
(b) The sale to or exchange with the public of eight or more real
property sales contracts or promissory notes secured directly or
collaterally by liens on real property during a calendar year.
However, no transaction negotiated through a real estate licensee
shall be considered in determining whether a person is a real estate
broker within the meaning of this section.
As used in this section, "sale," "resale," and "exchange" include
every disposition of any interest in a real property sales contract
or promissory note secured directly or collaterally by a lien on real
property, except the original issuance of a promissory note by a
borrower or a real property sales contract by a vendor, either of
which is to be secured directly by a lien on real property owned by
the borrower or vendor.


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