California Code of Regulations › Title 14 - Natural Resources › Division 4 - Division of Boating and Waterways › Chapter 1 - Division of Boating and Waterways › Article 8 - Yacht and Ship Broker Licenses › Section 7601 - General Definitions

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Unless otherwise expressly indicated or compelled by the
					 context in which used, words, phrases, and references appearing in this Chapter
					 shall have meanings as ascribed herein.
(a) An "exclusive listing" is a written
				  agreement between the owner of a vessel and a broker which provides that the
				  commission is due the broker named in the contract if the boat is sold, traded,
				  or exchanged within the time limit which must be specified in the contract by
				  the said broker, by any other broker, or by the owner.
(b) An "open listing" is a written agreement
				  between the owner of a vessel and a broker which authorizes the broker to
				  negotiate the sale, trade, or exchange of the vessel, but reserves to the owner
				  the right, without incurring a liability for the payment of a commission to
				  said broker, to negotiate the sale, trade, or exchange of said vessel himself,
				  or to enter into open listing agreements with other brokers respecting said
				  vessel.
(c) "Advertising" is any
				  written or printed communication or oral communication made in accordance with
				  a text or outline that has been reduced to written form which is published for
				  the purpose of inducing persons to sell or purchase a product or use a
				  service.
(d) An "applicant" is a
				  person applying to the Department of Boating and Waterways for a
				  license.
(e) The "Act" is the Yacht
				  and Ship Brokers Act and regulations pertaining thereto.
(f) The "Code" is the Harbors and Navigation
				  Code.
(g) The "Director" is the
				  Director of the Department of Boating and Waterways.
(h) The "Department" is the Department of
				  Boating and Waterways.
(i) An
				  "examination" is an examination to qualify for any license issued under
				  authority of the Yacht and Ship Brokers Act.
(j) A "license" is any license issued under
				  authority of the Yacht and Ship Brokers Act.
(k) The "licensee" is a licensed broker or
				  salesman.
(l) A "permanent license"
				  is a Yacht and Ship Broker's or Salesman's License originally issued for one
				  year and renewable for one or two years, as opposed to a salesman's temporary
				  license issued for sixty days.
(m)
				  The "Yacht and Ship Brokers Act" is Chapter 5 of Division 3, Article 2 of the
				  Code.
(n) "Consummated" means that
				  buyer and seller shall have a signed purchase agreement, which agreement shall
				  contain all the conditions of the sale, and said conditions have been
				  met.
(o) "Completed" means all the
				  conditions of the purchase agreement have been met and the bill of sale has
				  been passed from seller to buyer.
1. Repealer
					 of Article 8 (Sections
					 7601-7631, not consecutive, and
					 new Article 8 (Sections
					 7601-7622) filed 12-1-78;
					 effective thirtieth day thereafter (Register 78, No. 48). For prior history,
					 see Registers 66, No. 43; 68, No. 46; 69, No. 10; 69, No. 30; 69, No. 46; 70,
					 No. 11; 70, No. 19; 71, No. 20.
2. Editorial correction of NOTE
					 filed 10-11-85 (Register 85, No. 41).
Note: Authority cited: Section
						703,
						Harbors and Navigation Code. Reference: Section
						701,
						Harbors and Navigation Code.