Monday, August 13, 2012

California Sets Record For Number Of R/E License Revocations; Foreclosure Rescue, Short Sale Scams Played Big Role In Increase In Disciplinary Actions

From the California State Department of Real Estate:

  • The California State Department of Real Estate (DRE), which is responsible for licensing and regulating the activities of real estate brokers and salespersons, reported [] that it revoked a record number of real estate licenses in the last fiscal year.

    The DRE also accepted a record number of license surrenders from licensees facing disciplinary action. All told, a record 1,109 licenses were suspended, surrendered and revoked in Fiscal Year 2011/12, which ended June 30, 2012.
  • The collapse of the real estate market clearly contributed to the record number of disciplinary actions. With the large number of financially stressed homeowners, the table has been set for scammers involved in foreclosure rescue and short sale scams.

    With respect to foreclosure rescue scams, since 2010 the DRE has filed nearly 500 accusations and Desist and Refrain Orders against nearly 1,400 respondents who were involved specifically in illegal foreclosure rescue and short sale scams.
For more, see California DRE Revokes Record Number of Real Estate Licenses (Education is stressed as key to preventing falling victim to scams).

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