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Salesperson Licensing Exam Prep

Terms in this set (247)

Certain types of transfers are specifically exempted in Civil Code 1102.1. They are as follows:

1.)Transfers requiring a public report pursuant to 11018.1 of the Business and Professions Code and transfers pursuant to 11010.8 of the Business and Professions Code where no public record is required.
2.)Transfers pursuant to court order (such as probate sales, sales by a bankruptcy trustee, etc.)
3.)Transfers by foreclosure (including a deed in lieu of foreclosure and a transfer by beneficiary who has acquired the property by foreclosure or deed in lieu of foreclosure).
4.)Transfers by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust.
5.)Transfers from one co-owner to one or more other co-owners.
6.)Transfer made to a spouse or to a child, grandchild, parent, grandparent, or other direct ancestor or descendant.
7.)Transfers between spouses in connection with a dissolution of marriage or similar proceeding.
8.)Transfers by the State of Controller pursuant to the Unclaimed Property Law.
9.)Transfers or exchanges to or from any government entity.

*It should be noted, however that a real estate licensee still has a duty to conduct a reasonably competent and diligent visual inspection of accessible areas in almost all of the above situations. In other words although the seller is exempted from having to provide a disclosure statement in certain situations, a licensee must conduct this inspection and disclose the results of the inspection in almost all residential transactions involving one to four units.