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§ 7601. General Definitions.

14 CA ADC § 7601Barclays Official California Code of Regulations

Barclays 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
14 CCR § 7601
§ 7601. General Definitions.
Currentness
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.

Credits

Note: Authority cited: Section 703, Harbors and Navigation Code. Reference: Section 701, Harbors and Navigation Code.
History
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).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 14, § 7601, 14 CA ADC § 7601
End of Document