California real estate license revocations hit new record in fiscal year ended in June
By APWednesday, July 28, 2010
Calif. revokes real estate licenses at record pace
LOS ANGELES — The California Department of Real Estate said Wednesday it revoked a record number of real estate licenses in its most recently completed fiscal year.
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.
The revocations have increased the past four fiscal years as disciplinary actions against licensees have risen, fueled by abusive practices and scams related to loan modification and short sales, among other schemes, the state said.
The department now has nearly 5,400 open investigations.
