Yesterday's post concerned additional exemptions for real estate brokers under the California Corporate Securities Law.  Today's post is the final in this series (for now).

Corporations Code § 25004 defines the term "broker-dealer".  Subdivision (a)(6) excludes a broker licensed by the California Real Estate Commissioner when engaged in transactions in securities:

• exempted by subdivision (f) o r (p) of Section 25100;
• the issuance of which is subject to authorization by the California Real Estate Commissioner; or
• in transactions exempted by subdivision (e) of Section 25102.

Again, an exemption from California's broker-dealer licensing requirement does not constitute an exemption from federal or other state broker or dealer licensing requirements.