Even though the real estate industry has moved into a new millennium with internet marketing, social media, and cloud based transactions, certain things have not changed: the most common violations found in DRE Audits. This is article #2 in a series of articles to call your attention to these common deficiencies and to provide you with procedures that you can follow to ensure compliance with these laws and regulations.
Use of False or Fictitious Name
Commissioner’s Regulation 2731 states that a licensee shall not use a fictitious name in the conduct of any activity for which a license is required under the Real Estate Law unless the licensee is the holder of a license bearing the fictitious name. Brokers should periodically check their license status with the Department to be sure that their license bears the fictitious name(s) they are using. Many brokers cited for violation of this regulation believed that having the dba registered with the county was sufficient to allow them to use it in their real estate business. Other brokers who are cited for this violation state that they had the fictitious name on their license at one time but may have had their license lapse for a brief period of time and failed to add the dba back on to their license.