States Bust Real Estate Agents

Written by: Steve Cook   Thu, July 29, 2010 Beyond Today's News

California’s Department of Real Estate accepted record numbers of real estate licenses revoked and over the past year and accepted record numbers of licenses surrendered by real estate professionals facing disciplinary action.

Disciplinary actions taken by the DRE have risen 60 percent over the past three years. Over the past two fiscal years, the DRE took 1,712 actions which represent a 36% increase over the 1,258 actions taken in fiscal years 06/07 and 07/08. And, the trend is likely to continue as the DRE currently has nearly 5,400 open investigations.

The DRE also accepted another record number of license surrenders from licensees facing disciplinary action. All told, over 886 licensees had their license revoked, suspended or they simply surrendered their licenses while facing accusations.

The downturn 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,” DRE Commissioner Jeff Davi said. “The DRE will continue to vigorously pursue and revoke the licensees of errant operators and get them out of the real estate business,” Davi added.

In New York the state has taken dozens of actions against dishonest licensed real estate professionals, leading to numerous revocations, suspensions and fines.

“We are slowly emerging from a prolonged housing crisis. The Department of State is working to instill confidence in the real estate market by ensuring that all practicing real estate professionals are licensed and that they conduct themselves with honesty and integrity and in accordance with the laws of New York State,” New York’s Secretary of State Cortés-Vázquez said.

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