California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2 - Corporate Securities
Article 4 - Standards for the Exercise of the Commissioner's Authority
Subarticle 10 - Real Estate Programs
Fees-Compensation-Expenses
Section 260.140.113.4 - Payment for Acquisition Expenses

(a) Except as provided herein, payments by the program for acquisition expenses are subject to Section 260.140.114.5.

(b) The sponsor may be reimbursed for the actual cost of acquisition expenses consisting of goods or services provided to the program by persons who are unaffiliated with the sponsor if the acquisition expenses were incurred by the sponsor prior to the time that the program had funds available to pay such expenses directly.

(c) Notwithstanding paragraph (b) of this Section, the program may not directly pay or reimburse the sponsor for acquisition expenses consisting of salaries, fringe benefits, miscellaneous expenses related to the evaluation, selection or acquisition of properties, unless such expenses reduce the acquisition fees permitted to be paid by Section 260.140.113.3.