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California Law (Last Updated: March 4, 2014) |
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Probate Code - PROB |
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Division 7. ADMINISTRATION OF ESTATES OF DECEDENTS |
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Part 5. ESTATE MANAGEMENT |
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Chapter 18. Sales |
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ARTICLE 3. Compensation of Agent, Broker, or Auctioneer |
Section 10162.6.
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(a) This section applies if both of the following circumstances exist:
(1) An agent or broker holds a contract under Section 10150 granting the exclusive right to sell the property.
(2) The contract provides that no compensation is payable to the agent or broker holding the contract if sale is confirmed to a particular purchaser named in the contract.
(b) If the court confirms the sale to the purchaser named in the contract, whether on an original bid returned to the court or on an increased bid made at the time of the hearing on the petition for confirmation, the compensation of any agents or brokers involved in the sale is determined as provided in this article, except that no compensation is payable to the agent or broker holding the contract.
(c) If the court confirms the sale to a purchaser other than the person named in the contract, whether on an original bid returned to the court or on an increased bid made at the time of the hearing on the petition for confirmation, the compensation of the agent or broker holding the contract, and of any other agents or brokers involved in the sale, is determined under this article as if the limitation in the contract did not exist.