Real estate brokers.

Existing law prohibits any person from engaging in the business of, acting in the capacity of, advertising as, or assuming to act as, a real estate broker or a real estate salesperson without first obtaining a real estate license, as specified. Existing law defines a real estate broker for this purpose as a person who, for a compensation or in expectation of a compensation, regardless of the form or time of payment, does or negotiates to do one or more specified acts for another or others, except when performed by, among other specified persons, a regular officer of a corporation or a general partner of a partnership with respect to real property owned or leased by the corporation or partnership, respectively, or in connection with the proposed purchase or leasing of real property by the corporation or partnership, respectively, if the acts are not performed by the officer or partner in expectation of special compensation. This bill would exempt from this definition a person who performs the above-described acts for another or others as a regular officer of a nonprofit limited liability company that provides affordable housing through a housing development approved by the federal Department of Housing and Urban Development, the California Tax Credit Allocation Committee, and the California Housing Finance Agency.