California Business and Professions Code 10239.2 – For the purposes of this article, the following definitions shall …
For the purposes of this article, the following definitions shall apply:
(a) “Broker” means a person licensed as a broker under this part.
Terms Used In California Business and Professions Code 10239.2
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Business and Professions Code 15
(b) “Affiliate” means a person controlled by, controlling, or under common control with, the broker.
(c) “Servicing agent” means the real estate broker or person exempted from the licensing requirements for real estate brokers under this chapter, to act as agent for the purchasers or lenders to service the notes and deeds of trust, including the handling the receipt and transmission of payments and the institution of foreclosure proceedings in the event of a default.
(d) Except as provided in paragraph (5) of subdivision (j) of Section 10238, the terms “sale” and “offer to sell,” shall have the same meaning as set forth in § 25017 of the Corporations Code and include the acts of negotiating and arranging the transaction.
(Added by Stats. 2003, Ch. 901, Sec. 2. Effective January 1, 2004.)