Over the years, I have picked topics to wax poetic about in these posts. Now, it’s your turn. Let me know what you would like to hear about. It can be topics as a diverse as emerging rent control in the San Francisco area – as a result of the sky rocketing housing costs. Or… CONTINUE
Top DRE Audit #10: Written Disclosure Statement
Another often-cited violation is Section 10240 of the code which requires brokers to provide a borrower with a mortgage loan disclosure statement within three business days after receipt of a completed loan application or before the borrower becomes obligated on the note, whichever is earlier. Real estate brokers often fail to provide the Mortgage Loan… CONTINUE
Techno-Geek Rancher
This is the story of a software engineer who decided he wanted to shift gears and move to the country, where he’d raise avocados and live peacefully. Unfortunately, it didn’t quite turn out that way, and he ended up suing his broker, and the farmer who sold him the property. There are all kinds of lessons… CONTINUE
Top DRE Audit #9: Commingling
A broker shall not commingle with his or her own money or property the money or property of others which he or she receives and holds. Common causes of this violation are the deposit of trust funds received into the broker’s general business account or maintenance of over $200 in broker funds in a trust… CONTINUE
Who Pays When “It” Hits the Fan?
Some things never change, it seems. Here we have a story from 1925 where a broker ran off with the 50% deposit that the buyer had entrusted him to give to the seller. Yes, that thieving broker was the buyer’s broker, so you’d think the buyer had lost his deposit. Not so fast. The buyer made the… CONTINUE
Top DRE Audit #8: Trust Account Withdrawals
Commissioner’s Regulation 2834(a) states that withdrawals may be made from a trust fund account of an individual broker only upon the signature of the broker or one or more of the following persons if specifically authorized in writing by the broker: A salesperson licensed to the broker. A person licensed as a broker who has… CONTINUE
How Old for Mold?
Black mold can cause serious health issues, and it certainly did in this case. In fact, it harmed the child of a couple that bought a home that was found to have black mold. Find out who, if anyone, was held liable for the injury to this child.
Top DRE Audit #7: Trust Fund Handling
The most common violations of this section found in audits relate to Commissioner’s Regulation 2832(a), which requires that a broker place funds accepted on behalf of another into the hands of the owner of the funds, into a neutral escrow depository or into a trust fund account in the name of the broker, or in… CONTINUE
Condominium Water Problems
One judge commented that construction defect litigation around condominium complexes is as “common as crabgrass,” and this story certainly strengthens that observation. Watch this curious case where a buyer was fully aware of the litigation surrounding water intrusion challenges at this particular complex, bought the unit anyhow (at a discount), then sued the broker when… CONTINUE
Top DRE Audit #6: Trust Fund Handling for Multiple Beneficiaries (Trust Fund Shortage)
Regulation 2832.1 requires the real estate broker to obtain written consent from every owner of the trust funds in the bank account prior to each disbursement if the disbursement will reduce the balance of the funds in the bank account to an amount less than the existing trust fund liability of the broker to all… CONTINUE
Giving Trailer Trash a Whole New Meaning
Greed is good when it comes to real estate deals, right? Well, not always. Here’s a tale about an owner who thought he had earned a fast buck. And he might have, if he had played his cards right. This story is all about tendering performance, and the traps that can result. (Adapted from Rutherford Holdings… CONTINUE
Chopping Your Neighbor’s Tree – When It’s On Your Property
There have been many cases about trees, and roots, and overhangs, and branches falling. In general, if someone else’s tree is growing into and affecting your property, you can take steps to fix it. But this case set some boundaries to that right… (Adapted from Booksa v. Patel, 24 Cal.App.4th 1786)
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