Jul
California DRE revokes record number of licenses
Despite budget cuts and staff shortages, California’s Department of Real Estate has been aggressively pursuing real estate professionals who cross the line by revoking 50% more licenses in 2009-2010 (633) than they did in 2006-2007 (394). Since June 30, 2009 more than 886 licensees have had their licenses revoked, received suspension orders or surrendered their licenses rather than face revocation. And the culling of the unethical is continuing, as currently there are 5,400 open investigations.
Per DRE Commission Jeff Davi, “The down turn in the real estate market has uncovered abusive practices which has caused the number of disciplinary actions to rise. “Until recently, loan modification scams were the most problematic, but now we are uncovering schemes that center on short sales. The DRE will continue to vigorously pursue and revoke the licensees of errant operators and get them out of the real estate business.”
Consumers: before hiring a Realtor or a mortgage broker, always check the status of his/her license with the DRE. Click here to read the list of revocations, suspensions, etc. occurring in the past year.
Read the full article in Business Wire.
