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section shall become operative on July 1, 1993.

      (Added by Stats. 1992, Ch. 861, Sec. 2. Effective January 1, 1993. Section operative July 1, 1993, by its own provisions.)

      1058. Redelivering a grant of real property to the grantor, or canceling it, does not operate to retransfer the title.

      (Enacted 1872.)

      1058.5. (a) A notice of nonacceptance of a recorded deed executed by a holder of a security interest, which notice identifies the security interest, contains a legal description of the property, properly identifies the parties to the deed, the date of recordation of the deed, the county in which the project is located, and the county assessor’s parcel number of the real property referenced in the deed, may be recorded in the office of the county recorder where the real property is located.

      (b) Where a trustee’s deed is invalidated by a pending bankruptcy or otherwise, recordation of a notice of rescission of the trustee’s deed, which notice properly identifies the deed of trust, the identification numbers used by the recorder or the books and pages at which the trustee’s deed and deed of trust are recorded, the names of all trustors and beneficiaries, the location of the property subject to the deed of trust, and the reason for rescission, shall restore the condition of record title to the real property described in the trustee’s deed and the existence and priority of all lienholders to the status quo prior to the recordation of the trustee’s deed upon sale. Only the trustee or beneficiary who caused the trustee’s deed to be recorded, or his or her successor in interest, may record a notice of rescission.

      (Amended by Stats. 1997, Ch. 74, Sec. 1. Effective January 1, 1998.)

      1059. Though a grant be not actually delivered into the possession of the grantee, it is yet to be deemed constructively delivered in the following cases:

      1. Where the instrument is, by the agreement of the parties at the time of execution, understood to be delivered, and under such circumstances that the grantee is entitled to immediate delivery; or,

      2. Where it is delivered to a stranger for the benefit of the grantee, and his assent is shown, or may be presumed.

      (Enacted 1872.)

      ARTICLE 4. Interpretation of Grants [1066 — 1072]

      (Article 4 enacted 1872.)

      1066. Grants are to be interpreted in like manner with contracts in general, except so far as is otherwise provided in this Article.

      (Enacted 1872.)

      1067. A clear and distinct limitation in a grant is not controlled by other words less clear and distinct.

      (Enacted 1872.)

      1068. If the operative words of a grant are doubtful, recourse may be had to its recitals to assist the construction.

      (Enacted 1872.)

      1069. A grant is to be interpreted in favor of the grantee, except that a reservation in any grant, and every grant by a public officer or body, as such, to a private party, is to be interpreted in favor of the grantor.

      (Enacted 1872.)

      1070. If several parts of a grant are absolutely irreconcilable, the former part prevails.

      (Enacted 1872.)

      1072. Words of inheritance or succession are not requisite to transfer a fee in real property.

      (Enacted 1872.)

      ARTICLE 5. Effect of Transfer [1084 — 1085]

      (Article 5 enacted 1872.)

      1084. The transfer of a thing transfers also all its incidents, unless expressly excepted; but the transfer of an incident to a thing does not transfer the thing itself.

      (Enacted 1872.)

      1085. A present interest, and the benefit of a condition or covenant respecting property, may be taken by any natural person under a grant, although not named a party thereto.

      (Enacted 1872.)

      ARTICLE 6. Agency Listings for the Transfer of Certain Property [1086 — 1090]

      (Article 6 added by Stats. 1982, Ch. 547, Sec. 1.)

      1086. As used in this article, the following terms have the meanings stated in this section:

      (a) “Property” means real property or a mobilehome, as defined in Section 18008 of the Health and Safety Code.

      (b) “Sell” and “sale” include lease and exchange.

      (c) “Buyer” includes a lessee in case of a lease and the party with whom property is exchanged in case of an exchange.

      (d) An “agent” is one authorized by law to act in that capacity for that type of property, and is licensed as a real estate broker under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code or is a licensee, as defined in Section 18006 of the Health and Safety Code.

      (e) An “appraiser” is one licensed or certified under Part 3 (commencing with Section 11300) of Division 4 of the Business and Professions Code.

      (f) A “listing” is a written contract between an owner of property and an agent by which the agent has been authorized to sell the property or to find or obtain a buyer.

      A listing may be any of the following:

      (1) An “exclusive right to sell listing” is a listing whereby the owner grants to an agent, for a specified period of time, the exclusive right to sell or to find or obtain a buyer for the property, and the agent is entitled to the agreed compensation if during that period of time the property is sold, no matter who effected the sale, or the listing agent receives and presents to the owner any enforceable offer from a ready, able, and willing buyer on terms authorized by the listing or accepted by the owner. The exclusive right to sell listing may provide for compensation of the listing agent if the property is sold within a specified period after termination of the listing to anyone with whom the agent has had negotiations before that termination.

      (2) An “exclusive agency listing” is the same as an “exclusive right to sell listing,” except that the owner reserves the right to sell directly but not through any other agent and, in that event, without obligation to pay compensation to the agent.

      (3) An “open listing” is a listing which grants no exclusive rights or priorities to the listing agent, and a commission is payable to the agent only if the agent procures and presents to the owner an enforceable offer from a ready, able, and willing buyer on the terms authorized by the listing or accepted by the owner, before the property is otherwise sold either through another agent or by the owner directly and before the listing expires by its terms or is revoked.

      (g) A “listing agent” is one who has obtained a listing of property of the kind in respect of which he or she is authorized by law to act as an agent for compensation.

      (h) A “selling agent” is an agent participant in a multiple listing service who acts in cooperation with a listing agent and who sells, or finds and obtains a buyer for, the property.

      (i) “Sold” includes leased and exchanged. A property is sold when a legally binding commitment to sell the property comes into existence.

      (Amended by Stats. 1993, Ch. 331, Sec. 3. Effective January 1, 1994.)

      1087. A multiple listing service is a facility of cooperation of agents and appraisers, operating through an intermediary which does not itself act as an agent or appraiser, through which agents establish express or implied legal relationships with respect to listed properties, or which may be used by agents and appraisers, pursuant to the rules of the service, to prepare market evaluations and appraisals of real property. If an open listing is placed in the multiple listing service, the total compensation that the owner is to pay shall go to the selling agent who

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