Archive | Audit

7922683 - golden usd dollars falling money concept 3d illustration

DRE Trust Fund Shortage: Yes, $5M in 2019-2020

Audits The Department of Real Estate performed 533 audits in the Fiscal Year ending on June 30, 2020. There were 166 with shortages or 33% of those investigated.As always, the leaders were the Property Managers. One hundred forty eight out of the 348 audited had a total shortage of $4,720,363. That is an average of […]

Continue Reading 0

TRUST FUNDS

Trust Fund Management In my real estate classes I ask a question and many licensees do not know the correct answer. Ready? What is a worse crime in Trust Fund Management? Commingling or Conversion. They answer commingling because licensees are taught from their first class, never mix your personal funds with trust funds. Conversion according […]

Continue Reading 0

We Got Audited Again

The Federal Government Sent An Auditor (Unannounced) To a 20 Hour MLO Pre-Licensing Class in Beautiful Van Nuys. They used to call ahead and tell you they were coming. Now, they show up at the registration desk. Then, they send you a report. The results were excellent from our standpoint. OVERALL; all rating were very […]

Continue Reading 0

More Information & Classes - www.DuaneGomer.com