Existing law, the Davis-Stirling Common Interest Development Act, governs the formation and operation of common interest developments, and requires a common interest development to be managed by an association, as specified. Existing law, unless otherwise provided by the governing documents, authorizes the board of directors of the association to hire a managing agent, defined as a person who, for compensation or in expectation of compensation, exercises control over the assets of a common interest development. Existing law requires a prospective managing agent to make certain disclosures to the board, including whether or not the prospective managing agent currently holds any relevant licenses, including a real estate license, or any relevant professional certifications or designations, as specified.
Existing law, the Real Estate Law, establishes the Department of Real Estate and sets forth its powers and duties regarding, among other things, the licensure and regulation of real estate brokers. That law generally defines a real estate broker as a person who, for compensation, assists with buying, selling, or renting real property, as specified.
This bill would require a managing agent of a common interest development to hold a real estate broker license issued by the state.