What is California real estate Recovery Fund?
The California Real Estate Recovery Fund was established in 1964. It is funded both from a portion of real estate license fees and also from fines collected by the Department of Real Estate (DRE). If the account’s balance exceeds $3.5 million, any excess in fees collected are credited to a general real estate fund.
Who regulates real estate agents in California?
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.
How often do you have to renew your real estate license in California?
every four years
The state of California requires that you renew your real estate license every four years. For your first California real estate license renewal, you will be required to complete a 45-hour first renewal course.
Who can collect from the recovery fund?
The Real Estate Recovery Fund is available to persons who are awarded a court judgment or an arbitration award which includes findings of fact and conclusions of law against a real estate licensee for fraud, conversion of trust funds or criminal restitution.
What is the real estate Recovery fund used for?
The real estate recovery fund means funds used for the reimbursement of aggrieved persons who suffer monetary damages due to acts committed by licensed real estate brokers or salesmen.
What does Dre mean in real estate?
Department
The regulation of licenses is an important function of the California Department of Real Estate. The DRE was established in 1917 with the formation of the first-ever Real Estate Law in the country.
How long does a real estate license last in CA?
four-year
Licenses are issued for a four-year period and should be renewed prior to the expiration date listed on the license. As a reminder, the DRE mails a renewal reminder letter to the licensee’s mailing address of record approximately 60 days prior to the license expiration date.
What is the money in the Recovery Trust Account used for?
reimburse consumers who suffer damages caused by real estate licensees, certificate holders, or their employees.