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LLC Real Estate Broker Bill Stalls

The California Real Estate Law broadly defines "real estate broker" to encompass numerous activities beyond selling real property.  Cal. Bus. & Prof. Code §§ 10131, 10131.1-.45.  However, only individuals and corporations may obtain a real estate broker's license.  Other forms of business entities, such as limited liability companies, are ineligible.  See Contractors Do It, PIs Do It; Why Not Real Estate Brokers?

Over the years, there have been several attempts to permit the licensing of LLCs as real estate brokers.  More than a decade ago, Assembly Member Parra authored two bills, AB 2235 (2006) and AB 2261 (2004), that died in committee without a hearing.  More recently, Senator John Moorlach enjoyed a similar lack of success.  

This year, Assembly Member Daly took yet another run at the problem by introducing AB 687.  The bill passed out of the Assembly Business & Professions Committee on a 19-0 vote.  However, it appears to have stalled in the Assembly Judiciary Committee where a  scheduled hearing was recently cancelled at the request of the author.    

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