Real estate brokers: corporate officers: designating branch managers.

The Real Estate Law, the willful violation of which is a crime, provides for the regulation and licensure of real estate brokers and real estate salespersons by the Real Estate Commissioner in the Department of Real Estate. Existing law also requires a real estate broker to procure an additional license for each branch office maintained by the broker. Existing law authorizes the commissioner to suspend or revoke a licensee's license for violations of specified requirements. This bill would authorize an employing broker or corporate designated broker officer appointed by an employing broker to appoint a manager of a branch office or division of the employing broker's real estate business and delegate to that manager responsibility to oversee and supervise operations and activities, as specified. The bill would also require that the appointment be made by means of a written contract and that the employing broker or corporate designated broker officer send a notice to the department identifying the appointed manager and branch office or division, as specified. The bill would also require the employing broker or corporate designated broker officer to notify the commissioner, immediately and in writing, whenever a branch manager is terminated or changed. The bill also specifies that an appointee shall not hold a restricted license, be subject to debarment, or have less than 2 years of full-time real estate experience within 5 years preceding the appointment. The bill provisions described above would become operative on July 1, 2012. The bill would authorize the commissioner to suspend or revoke the license of an appointed licensee for failure to properly oversee and supervise operations, as specified. By adding provisions to the Real Estate Law, the willful violation of which would be a new crime, this bill would create a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.