The Real Estate Bloggers

California Revokes Record Amount Of Licenses

Posted: 30 Jul 2010 04:47 AM PDT

Gavel With all the turmoil going on in the real estate market, the opportunities for real estate agents to cut corners or commit outright fraud has increased. Some of this fraud may be done trying to be sympathetic to ones clients while for others it is greed or just trying to find a way to cut a corner and put food on ones table.

Either way, the record shows that in California we are seeing a record amount of real estate licenses being pulled by the California Department of Real Estate. Last year 633 licenses got revoked for cause and 886 agents gave up or lost their license in total

The department revoked 633 licenses for cause in the 12 months ended June 30, up from 574 in the prior-year period, the state said.

It also collected 90 licenses surrendered by real estate professionals facing disciplinary action and 163 from individuals who had their license suspended.

In all, 886 real estate brokers and others licensed in California lost or gave up their license, up from 826 in the fiscal year ended June 2009. via the AP

The other shoe to drop is that there is much more to come. An overloaded California Department of Real Estate still has nearly 5,400 open investigations that they are working through.

In tough times it is tempting to cut a corner or try to make something work to get a little extra income through the door. If you value your license and your reputation, think twice before crossing this line.

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California Revokes Record Amount Of Licenses