Mineral, Oil and Gas Brokerage Law and Legal Definition
Mineral, Oil and Gas Brokerage is a state legislation applicable in the state of California. Mineral, oil and gas brokerage requires persons engaging in business as mineral, oil and gas brokers or salespersons within the state to secure a Mineral, oil and gas.
Mineral, oil and gas brokerage lays down that a real estate license is also required to assist or offer to assist another in filing an application for the purchase or lease, or to locate or enter upon mineral, oil or gas property owned by the state or federal government.
California statute, Cal Bus & Prof Code § 10502, enumerates the following activities which does not require broker license:
1.To act as a depository under an oil lease, gas lease or oil and gas lease other than for purpose of sale.
2. To engage in any transaction subject to an order of a court of competent jurisdiction.
3. To engage in the business of drilling for or producing oil or gas or mining for or producing minerals.
4. To negotiate leases or agreements between an owner of mineral, oil or gas lands, leases or mineral rights on the one hand, and a person organized for or engaging in oil or gas or mineral or metal production on the other, or to enter into leases or agreements with an owner of mineral, oil, or gas lands, leases, or mineral rights on behalf of a disclosed or undisclosed person organized for or engaging in oil or gas or mineral or metal production.
5. To deal with mineral rights or land, other than oil or gas rights or land, as the owner of the rights or land.
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