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Unformatted text preview: or benefit of any officer, director or stockholder (holding more than 10% interest in the corporation) when the funds were solicited by the corporate real estate broker. SOLICITATION AND ACCEPTANCE OF FUNDS OTHER THAN FOR SERVICES SPECIFIED STATEMENT AND ITS USE
10231.2(a). A real estate broker who, through express or implied representations that the broker or salespersons acting on the broker's behalf are engaging in acts for which a real estate license is required by subdivision (d) or (e) of Section 10131, proposes to solicit and accept funds, or to cause the solicitation and acceptance of funds, to be applied to a purchase or loan transaction in which the broker will directly or indirectly obtain the use or benefit of the funds other than for commissions, fees and costs and expenses as provided by law for the broker's services as an agent, shall, prior to the making of any representation, solicitation or presentation of the statement described in subdivision (b), submit the following to the Department of Real Estate: • • A true copy of the statement described in subdivision (b) complete except for the signature of the prospective lender or purchaser. A statement that the submittal is being made to the department pursuant to Section 10231.2... ADVERTISING BY LOAN BROKERS
A “mortgage loan broker” who meets the threshold requirements (20 or more loans totaling $2 million per year) must submit a copy of all related advertising to the Department of Real Estate for clearance. Advertising includes newspapers, circular form letters, brochures or similar publications, signs, displays, radio broadcast or telecasts which concern:
Dynasty School (www.dynastySchool.com) 10-9 REAL ESTATE FINANCE
• • Use of terms, rates, conditions or the amount of any loan or sale. The security, solvency or stability of any person carrying on the activities of the loan brokerage activities. Not Considered Advertising • • Information distributed to other brokers and persons who the broker had previously acted for as an agent. Information restricted to the identi...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10