The definitions of “broker” and “salesperson,” as set forth in Section 701, do not include the following:
(a) A person who directly performs any act subject to this article with reference to a yacht owned by that person or, in the case of a corporation which, through its regular officers receiving no special compensation therefor, performs any act subject to this article with reference to the corporation’s yacht.
(b) Services rendered by an attorney at law in performing duties as an attorney at law.
(c) Any receiver, trustee in bankruptcy, or other person acting under the order of any court.
(d) Any transaction involving the sale of property subject to foreclosure of a security interest in a yacht which is conducted only by the holder of the security interest or by a person licensed pursuant to Chapter 11 (commencing with Section 7500) of Division 3 of the Business and Professions Code when liquidating repossessed collateral pursuant to the written request of the holder of the security interest.
(e) Any transaction involving the sale, lease, or rental of a yacht in excess of 300 gross tons or tenders thereof sold at the same time.
(f) Any transaction involving the sale, lease, or rental of a new yacht or ship.
(g) Any transaction in the regular course of business by a wholesale motor vehicle auction subject to regulation by the Department of Motor Vehicles.
(Amended by Stats. 1995, Ch. 526, Sec. 2. Effective January 1, 1996.)
Last modified: October 25, 2018