Industry NewsMortgage

Convicted brokers keep licenses

Newspaper report finds California regulators slow to act

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Dozens of California real estate professionals charged with crimes or sued for allegedly fraudulent dealings in recent years still have their licenses, with no disciplinary sanctions listed on their records, according to a Sacramento Bee investigation.The Bee ran the names of 260 people charged with a real estate-related crime or sued by the state in recent years through the California Department of Real Estate's licensee database.Among that group, 45 people had active real estate broker or salesperson licenses. The licenses of a dozen others had been suspended or revoked, and the rest of the group were either unlicensed or did not work in the real estate industry.A spokesman for the Department of Real Estate told the newspaper that it can't use an arrest or indictment as the basis for disciplinary action. After receiving a complain or accusation, licensees are entitled to a hearing before an administrative law judge.But the Bee found instances in which real estate professionals who ha...