REAL ESTATE CONSUMER RECOVERY ACCOUNT
Real estate broker and salesperson fraud and other wrongs and how you can recover your damages.
Our firm has represented clients in all stages of matters involving fraud, theft, and other crimes committed by realtors, brokers, and others licensed by the California Bureau of Real Estate (formerly the Department of Real Estate), and have advised realtor associations and their members on how they can recognize, and minimize, risks that could lead to claims against their licenses.
A license from the California Bureau of Real Estate ("BRE") is required in order to represent clients in the purchase and sale of real estate, manage real property, sell businesses (properly called "business opportunies") and to act as a mortgage broker. These licensees have rules and regulations that they have to follow, and sometimes they don't do this. We can help you recover your damages when brokers and salespeople commit wrongs, and in some cases you can recover damages from the Bureau of Real Estate's Consumer Recovery Account.
The Consumer Recovery Account was established in 1964 and is funded by the annual dues paid by licensees. If your claim involves intentional fraud or the theft of trust funds, you may have the ability to recover at least part of your damages from the Recovery Account. Since the program's beginning in 1964, there have only been a little more than 4,000 applications filed, with a 50% success rate. We have successfully represented clients in all stages of applications to the Recovery Account, and can guide you from the initial complaint against a licensee to the complicated application process of submitting a claim for payment from the Recovery Account.
If you have been harmed by a licensee, whether in a real estate transaction, lease, purchase or sale of a business opportunity, mortgage, or investments scheme, call or email us today so we can help you!
I will be adding more content discussing various wrongs committed by realtors, brokers, salespersons, and other people engaged in activities that require a real estate license. If there is anything you want me to discuss please submit an inquiry and I'll address that issue if I have not already!