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Shocking: Convicted brokers keep licenses
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 complaint or accusation, licensees are entitled to a hearing before an administrative law judge. But the Bee found instances in which real estate professionals who have pleaded guilty to or been convicted of mortgage-fraud-related crimes still have licenses in good standing. In California, licensed real estate brokers can list and sell real estate, and can also negotiate loans secured by real estate. Apart from ... more

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