California Real Estate Fraud Report

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30
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.

© 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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