There are different kinds of loans. The situations where Pasadena real estate salesperson Connie Lopez, who makes collections on real estate loans, would be required to be licensed as a California real estate broker is;
The "Mortgage Loan Broker Law," is commonly called the Real Property Loan Law. This law is known to requires all loan brokers to give all borrowers the Mortgage Disclosure Statement first before the borrower can be taken into consideration for the loan.
Note that Anyone who negotiates real estate loans must be a person who makes collections on real estate loans and the individual must make more than 10 collections per year OR collects more than $40,000.00.
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In which of the following situations would Pasadena real estate salesperson Connie Lopez, who makes collections on real estate loans, be required to be licensed as a California real estate broker?
If Connie makes more than 8 collections per year, or collects more than $30,000.00.
If Connie makes more than 12 collections per year, or collects more than $30,000.00.
If Connie makes more than 10 collections per year, or collects more than $40,000.00.
If Connie makes more than 12 collections per year, or collects more than $40,000.00.
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