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California Beats Its Own Real Estate License Revocation Record

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Here it is, folks, as determined by the Guiness Book of World records: the largest permanent Monopoly board, located in San Jose, California.

Observant readers will note the conspicuous lack of real estate -- no quaint, green houses or nondescript, red hotels -- which is surely symbolic of what the state now also boasts: a record number of real estate revocations for fiscal year ending June 30, 2010.

The California Department of Real Estate (DRE) said it revoked 633 licenses for cause in 12 months, up from 574 in the prior-year period, and another record number of license surrenders from licensees facing disciplinary action. “All told, over 886 licensees had their license revoked, suspended, or they simply surrendered their licenses while facing accusations,” explains That’s up from 826 in the fiscal year ended June 2009.

The Associated Press reports, “The revocations have increased the past four fiscal years as disciplinary actions against licensees have risen, fueled by abusive practices and scams related to loan modification and short sales, among other schemes, the state said.”

And think twice before scamming your friend out of her St. James Place property: The DRE currently has 5,400 open cases still under investigation.
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