California Department of Real Estate Revokes Record Number of Real Estate Licenses

Housing Wire 
February 1, 2010
Kilgore, Austin

A total of 775 individuals surrendered or had their licenses revoked by the California State Department of Real Estate (DRE) last year. License revocations were up 50 percent, while license surrenders jumped approximately 80 percent. The agency points to loan modification scams and the foreclosure crisis as the root problems. There were more than 2,000 investigations from the department involving loan modification complaints in 2009; and DRE commissioner Jeff Davi said that a majority of offenders were not even licensed, which makes restitution even more challenging for the consumer.

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