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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Just buy for your own account... Posted by Ward-CA- on November 21, 2003 at 8:19 AM In Reply to: 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. ========================== Amanda, If you buy trust deed notes for you own account you don’t need to pay attention to any licensing rules. However, if you’re going to buy and flip such notes then you probably are required to get a real estate sales license. Solution?? Just buy notes for your own account. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : 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. : ========================== : Amanda, : If you buy trust deed notes for you own account you don’t need to pay attention to any licensing rules. However, if you’re going to buy and flip such notes then you probably are required to get a real estate sales license. : Solution?? Just buy notes for your own account. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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