A record number of real estate licenses were revoked in 2009 by the California State Department of Real Estate, the state department that issues licenses to real estate professionals.
The DRE also accepted another record number of license surrenders from licensees facing disciplinary action.
All together , over 775 yes 775 licensees had their license revoked or simply turn them in their licenses .
Over the past two years, the State averaged 446 license revocations and 59 license surrenders. In 2009, license revocations jumped over 50%, to 672, while license surrenders jumped nearly 80 percent to 105.
The downturn in the real estate market is a big reason disciplinary actions are up.
In 2009, the state of California initiated over 2,000 investigations involving loan modification complaints, which represents 25 percent of all cases set-up.
The DRE issued over 180 “Desist and Refrain” orders to nearly 348 different respondents performing loan modification services, ordering them to stop or change their business practices, it says. Of those, approximately 60 percent were not licensed and ordered to cease licensed activity -- which included offering loan modification services.
In addition, nearly 100 real estate licensees have been accused of violating the real estate law in connection with loan modification complaints. Many of the completed cases have been referred to law enforcement agencies for criminal prosecution
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