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 […]
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 […]
Path to Success To help DRE MLO’s to stay on the straight and narrow path to success, the DRE has prepared a manual that should be used by all MLO’s. This includes Brokers, MLO’s, and all the staff in a company. Trust Funds One of the most important sections is use of a Trust Fund. […]
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 […]
