What documents does the DRE require to be in a broker's file?
Correct Procedure: A licensed broker must retain for three years copies of all listings, deposit receipts, canceled checks, trust account records, and other documents executed by or obtained by the broker in connection with any transaction for which a license is required.
Trust Fund Record Keeping Violations
Trust fund handling and record keeping is one of the most common problem areas.
The DRE ensures that subdividers comply with real estate and subdivided lands laws when offering new homes or lots for sale and deliver to buyers what was agreed to at the time of purchase.
A licensed real estate broker shall retain the records for a period of three years. The retention period shall run from the date of the closing of the transaction or from the date of the listing if the transaction was not consummated.
What is a responsible broker? A. “Responsible broker” means the broker responsible for the exercise of control and supervision of a salesperson, or a licensee subject to discipline under subdivision (h) of Business and Professions Code Section 10177 for failure to supervise activity requiring a real estate license.
If requested, the additional documents that must be made available to the California Department of Real Estate include real estate licenses, broker - salesperson contracts, written authorizations from broker delegating authority, listing contracts, unaccepted offer file, receipt from the title company, and property ...
- Septic systems.
- Solar leases.
- Failure to disclose and Seller's Property Disclosures.
- Water rights.
- Miscommunication.
- Agent-owned property and additional supervision.
- Multiple offers.
- Unpermitted work.
The DRE takes regulatory compliance very seriously and audits realtors for two reasons: either in response to complaints from a customer (investigative audits), or as a result of random selection (routine audits).
The Public Report, also called a White Report, authorizes a developer to sell or lease lots, parcels or units within a subdivision.
A broker may add or remove a real estate licensee from an affiliation by completing a Salesperson Change Application (RE 214) if a salesperson, a Broker-Associate Affiliation Notification (RE 215) if a broker, or by completing the transaction online through the eLicensing System.
Which record must be retained on file by a broker dealer?
The recordkeeping rules require firms to retain, among other records, communications relating to their "business as such," trade blotters, asset and liability ledgers, income and expense ledgers, capital account ledgers, customer account ledgers, securities records, order tickets and trade confirmations.
Record-Keeping Under California Law. California Business and Professions Code 10148 maintains that real estate brokers must keep all real estate transaction-related documents for three years.
Under California Business & Professions Code §10148, “A licensed real estate broker shall retain for three years copies of all listings, deposit receipts, canceled checks, trust records, and other documents executed by him or her or obtained by him or her in connection with any transactions for which a real estate ...
| Department overview | |
|---|---|
| Headquarters | 1651 Exposition Boulevard, Sacramento, CA 95815-5149 |
| Department executive | Douglas R. McCauley, Commissioner |
| Parent Department | California Business, Consumer Services, and Housing Agency |
| Website | www.dre.ca.gov |
Department of Real Estate (DRE) The California Department of Real Estate (DRE) offers expedited processing of license and examination transactions through the easy to use, paperless, interactive eLicensing online system. General Information: 877-373-4542. Related Services: Verify a Real Estate License.
The California Department of Real Estate (DRE) is the state agency that licenses real estate brokers and salespersons. The California DRE also investigates complaints and disciplines practitioners who violate the law.
The broker is required to maintain a record of the trust account reconciliation showing the name of the bank account and number, date of the reconciliation, account number or name of the principals, beneficiaries or transactions and the amount of trust funds held by the broker for each of the principals, beneficiaries ...
What is Commingling? Real estate commingling is the act of mixing the client's funds with the broker's own funds.
Transactions: An itemized list of all financial transactions, income, disbursem*nts, purchases, sales, transfers, or other activities that occurred in the trust accounts during the period covered. Details like date, amount, type of transaction, and explanation should be included.
Unethical agents will often use fraudulent misrepresentation to win a listing, sell a property faster, or push for a property to sell faster. Such actions violate ethical standards and are illegal in many jurisdictions.
What is the most common complaint about brokers from sellers?
The Real Estate License Law prohibits brokers in a transaction from acting for more than one party without the knowledge of all parties for whom the broker acts. The most common complaints deal with dual agency, seller subagency, and special relationships between the parties.
High Costs: Real estate transactions typically involve significant costs, such as property prices, closing costs, taxes, and ongoing expenses like maintenance, insurance, and utilities. Customers may struggle with affordability, financing options, and managing the financial aspects of buying or selling property.
A digital rectal exam, or DRE, is a medical test that checks for abnormalities in your rectum, anus and prostate gland. Your healthcare provider will put on gloves and apply lubricant before gently sliding their index finger into your rectum. No preparation is required.
In men, the test can be used to check the size of the prostate and to look for abnormal bumps or other changes of the prostate gland. A digital rectal exam may be done to collect stool for testing for fecal occult (hidden) blood as part of screening for cancer of the rectum or colon.
Notification of Examination Results
If you took an electronic examination, your results were provided to you upon completion of the exam. Additional correspondence may be mailed to you, normally within five business days after your examination.
