California Real Estate Fraud Report

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09
Mar

DRE May Finally Get Some Teeth to Fight Real Estate Fraud

The California Department of Real Estate (DRE) is the agency that both licenses and regulates real estate agents and brokers. Since the bursting of the real estate bubble, it has been criticized for not investigating and punishing crooked real estate agents as much as it could.

Now the state Senate Business, Professions and Economic Development Committee is taking a closer look at the DRE to see if its enforcement role should be strengthened. This has partly to do with an investigation in November 2010 by the Sacramento Bee in which reporters discovered many “admitted real estate fraudsters” still held licenses in good standing.

According to an article in the Fresno Bee, the Committee is considering the following:

• Clarifying real estate law to show protection of the public is the highest priority.
• Giving the department authority to issue citations and fines.
• Increasing consumer access to disciplinary records and information on licensees.
• Allowing the department to recover costs from licensees proven to have violated the law.

There was also discussion about whether or not the DRE should be able to “suspend licenses on an interim basis after a broker or agent is accused of wrongdoing“. This latter issue concerns me greatly, as we’ve all seen abuses of power by government agencies and/or persons who have an ax to grind. I wouldn’t want to see anybody’s ability to make a living suspended without a trial or administrative hearing; to do otherwise would be a violation of that person’s due process.

Read the original article in the Fresno Bee.

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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