10 Mar New California Real Estate Laws – Part 2
Several new laws affecting the real estate industry became effective this year. In a previous post, we discussed SB 1149: Foreclosure Protection for Tenants, where a landlord is prohibited from harming a tenant’s credit score by revealing unlawful detainer records, unless the landlord prevails in court, and AB 1809: Energy Efficiency Audit in Home Inspection Report, where a home inspection and inspection report may include a Home Energy Rating System (HERS) home energy efficiency audit if requested by a client.
In this series of posts, we will highlight and give an overview of the other laws that also went into affect in January.
Adverse Possession Claim Requires Timely Payments
For a claim of adverse possession, existing law requires proof that taxes have been paid on the property for a five-year period. Effective January 1, 2011, Assembly Bill 1684 will further require that all state, county, or municipal taxes have been certifiably paid in a timely manner for the five-year period the property has been occupied and claimed. Read More
MLO Requirements
Effective January 1, 2011, Senate Bill 1137 requires those who act as a mortgage loan originator (MLO) to hold a MLO license endorsement issued by the Department of Real Estate (DRE) in order to be employed or compensated by a real estate broker. Those who act or advertise themselves as an MLO without a DRE MLO endorsement is guilty of a crime punishable by a $20,000 fine, six months imprisonment, or both. Corporations acting as an MLO without the endorsement by the DRE are punishable by a fine of $60,000. Read More
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