Browse Proptionary encyclopedia

Build your real estate vocabulary to be able to communicate and invest more effectively and professionally.

Business and Professions Code

DEFINITION

Rules, regulations, and guidelines for Real Estate Law, including laws that guide the process of licensing salespersons, brokers, and the laws that oversee the real estate industry.

EXPLANATION

The California legal system can be found in a series of books called codes that identify legal matters in accordance with the subjects in question. Incidentally, Business and Professions Code section 4 is the series of codes wherein real estate law is located. Regulations of real estate licensees are codified in the California Code of Regulation, with the business and professions code constituting two parts, with the first addressing licensing while the second is concerned with real estate transactions and Subdivided Lands Law.

California currently has 38 volumes of codes, which encompass a wide variety of real estate categories, including codes relevant to businesses, energy, policy, and fire standards. The purpose of real estate law and codes is to establish standards that serve to protect both the public and the financial interests of the state.

Real estate law is interpreted through the Business and Professions Code, which is a book on the practice of law in real estate. The Real Estate Commissioner is tasked with writing educational requirements, licensing and overseeing potential illegal real estate activity.

[quiz-new]