California Business and Professions Code

§ 10232.5

BPC § 10232.5 Effective Jan 1, 2013Div. 4 · Part 1 · Ch. 3 · Art. 5

Statute text

(a)If the real estate broker is performing acts described in subdivision (d) of Section 10131 in negotiating a loan to be secured by a lien on real property or on a business opportunity, the statement required to be given to the prospective lender shall include, but shall not necessarily be limited to, the following information:

(1)Address or other means of identification of the real property that is to be the security for the borrower’s obligation.

(2)Estimated fair market value of the securing property as determined by an appraisal, a copy of which shall be provided to the lender. However, a lender may waive the requirement of an independent appraisal in writing, on a case-by-case basis, in which case, the real estate broker shall provide the broker’s written estimated fair market value of the securing property, which shall include the objective data upon which the broker’s estimate is based.

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Legislative history

Amended by Stats. 2012, Ch. 669, Sec. 3. (SB 978) Effective January 1, 2013.