Cal. Code Regs. Tit. 10, § 2728 - Brokers and Salespersons Performing Licensed Activities Through a Partnership

While California law does not permit the issuance of real estate broker licenses to partnerships, real estate brokers may, pursuant to section 10137.1 of the Business and Professions Code, form partnerships that can perform acts requiring a real estate broker license provided that every partner through whom the partnership performs such acts is a licensed real estate broker.

Where a real estate broker is a member of such a partnership operating as a real estate brokerage business, a salesperson who is licensed to that broker and properly supervised and working under a broker-salesman agreement, may perform acts for which a real estate license is required for and on behalf of the partnership.

A real estate broker who is a member of such a partnership may conduct business from a branch office of the partnership without applying for or acquiring a branch office license in his or her own name, provided another real estate broker member of the partnership has a current branch office license at the location in question.

Notes

Cal. Code Regs. Tit. 10, § 2728

Note: Authority cited: Sections 10080, 10226,11001 and 11011.8, Business and Professions Code; and Section 21082, Public Resources Code. Reference: Sections 10132 and 10137.1, Business and Professions Code.

1. New section filed 1-16-76; effective thirtieth day thereafter (Register 76, No. 3).
2. Repealer and new section heading, section and Note filed 10-6-2009; operative 11-5-2009 (Register 2009, No. 41).