California Harbors and Navigation Code 716 – (a) No broker shall engage in any transaction for which a …
(a) No broker shall engage in any transaction for which a license is required under this article without first obtaining a signed written authorization to do so from the broker’s principal. An authorization to sell shall contain a description of the vessel, including the undocumented vessel‘s registration number or the name, official number, and home port if the vessel is documented with a federal agency. The written authorization shall also state the type of listing, the gross listing price, the agreed upon commission or other compensation of the broker, and any repairs authorized to be made.
(b) An offer to purchase shall contain the description of the yacht, including the undocumented vessel’s registration number or the name, official number, and home port if the vessel is documented with a federal agency. The written authorization to purchase shall also state the amount of deposit, terms of the sale, and any contingencies or conditions under which a deposit shall not be returned if the sale is not completed.
Terms Used In California Harbors and Navigation Code 716
- Person: means an individual, partnership, firm, corporation, limited liability company, association, or other entity, but does not include the United States, the state, or a municipality or subdivision thereof. See California Harbors and Navigation Code 651
- State: means a state of the United States, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the District of Columbia. See California Harbors and Navigation Code 651
- Undocumented vessel: means any vessel that is not required to have, and does not have, a valid marine document issued by the United States Coast Guard or any federal agency successor thereto. See California Harbors and Navigation Code 651
- Vessel: includes every description of a watercraft or other artificial contrivance used or capable of being used as a means of transportation on water, except either of the following:
California Harbors and Navigation Code 651
(c) When a broker prepares, or there is prepared on behalf of a broker, a written authorization to sell or purchase, the broker shall deliver a copy of the written authorization to the person executing it. Receipt of the copy shall be made on the face of the original written authorization.
(Amended by Stats. 1990, Ch. 561, Sec. 3.)