Transfers of real property.

The Real Estate Law establishes, within the Business, Consumer Services, and Housing Agency, the Department of Real Estate for the licensure and regulation of real estate brokers and salespersons. Existing law requires a licensed real estate broker to retain for 3 years copies of certain documents relating to transactions for which a real estate broker license is required, as specified. Existing civil law provides that a multiple listing service (MLS) , as defined, may be used by real estate agents and appraisers to prepare market evaluations and appraisals of real property and makes an agent or appraiser responsible for the truth of their representations and statements, as specified. This bill would require a multiple listing service to retain and make accessible on its computer system, if any, all listing and other information placed in the multiple listing service by an agent or appraiser for no less than 3 years from the date the listing was placed. The bill would prohibit these provisions relating to multiple listing services from altering the obligations of a licensed real estate broker to retain documents relating to transactions for which a real estate broker license is required, as specified. Existing law imposes certain disclosure requirements on the transferor of single-family residential property, including requiring the transferor to provide a specified real estate transfer disclosure statement and to disclose certain natural hazards. Existing law makes those provisions applicable to, among other transfers, a lease with an option to purchase, any other option to purchase, or a ground lease with improvements. Existing law specifically exempts certain transactions from those disclosure requirements. This bill would revise the form for the real estate transfer disclosure statement to include a check box indicating that there are no substituted disclosures for the transfer. The bill would specifically exempt from the above-described disclosure requirements the sale, creation, or transfer of any lease, except a lease with an option to purchase or a ground lease coupled with improvements. Existing law imposes a duty on a real estate broker or salesperson to a prospective buyer of single-family residential property or a manufactured home to conduct an inspection of the property offered for sale and to disclose to that prospective buyer all facts materially affecting the value or desirability of the property, if the broker has a written contract with the seller to find a buyer or the broker acts in cooperation with that broker. This bill, instead, would impose that duty on a real estate broker or salesperson to a prospective buyer of residential real property improved with one to 4 dwelling units or a manufactured home. Existing law defines various terms for specified provisions affecting the duties of real estate professionals to prospective sellers and buyers of real property. This bill would define the terms "single-family residential property" and "single-family residential real property" for specified provisions. The bill would also make technical and clarifying changes to related provisions affecting residential real property disclosures.