§ 2904. Disclosure of Compensation for Obtaining Financing.

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It shall constitute misrepresentation under Section 10176(a) of the Code for a real estate licensee who acts as an agent for either party in a transaction for the sale, lease or exchange of real property, a business opportunity or a mobilehome as described in Section 10131.6 of the Code, and who receives compensation, or who anticipates receiving compensation, from a lender in connection with the securing of financing for the transaction, to fail to disclose to both parties, prior to the closing of the transaction, the form, amount and source of compensation received or expected.

HISTORY

1. New section filed 12-2-74; effective thirtieth day thereafter (Register 74, No. 49). For history of former section, see Register 63, No. 14.

2. Amendment filed 2-10-77; effective thirtieth day thereafter (Register 77, No. 7).

3. Amendment filed 11-30-77; effective thirtieth day thereafter (Register 77, No. 49).

Note

Note: Authority cited: Section 10080, 10170.4, 10226, 10149.2 11001, and 11011.8, Business and Professions Code and Sections 21082, Public Resources Code.

                    
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