Legal Question in Real Estate Law in California

A REIT (Real Estate Investment Trust) would be bought and sold as a security, not as real estate. Therefore, a California real estate broker has no particular statutory authority to buy or sell REITs or interests in REITs on behalf of others. As with any other security, the real estate licensee might be able to rely upon an exemption from licensing (and registration) requirements at both the state and federal level. Such exemptions from the requirements of the securities laws are relatively narrow and may require, for example, that the buyer be a sophisticated investor and/or that the broker/seller is a close business associate of the investor/buyer. To answer your question more specifically, I'd say the real estate broker would need a securities dealer's license issued pursuant to Federal law in 95% or more of situations.