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)
Top DRE Audit #5: Trust Account Reconciliation
Regulation 2831.2 requires that the total of all Separate Beneficiary or Transaction Records maintained pursuant to Regulation 2831.1 be reconciled with the balance of the Record of All Trust Funds Received and Paid Out required by Regulation 2831, at least once a month except when the bank account did not have any activities. The requirement… CONTINUE
Top DRE Audit Violation #4: Separate Record for Each Beneficiary or Transaction
This regulation requires the broker to maintain, in columnar form, a separate record of trust funds for each beneficiary or transaction accounting for all funds which have been deposited into a trust account. This record identifies which beneficiary has funds in the trust account. This record must indicate the following in chronological order and in… CONTINUE
Stateless Russians
Christopher Hanson tells the cautionary tale of Russian immigrants who ended up in California and had a “misunderstanding” with the broker who sold them a property. There’s a great lesson for all of us at the end of this story.
Water Water Everywhere
This week’s story is about a sweet young couple buying their first home, and facing the risk of going underwater. Literally.
Top DRE Audit Violation #3: Trust Fund Records
This regulation requires the broker to maintain, in columnar form, a record of all trust funds received and deposited by the broker. At a minimum, the following information must be indicated in columnar form in chronological order: date funds were received; name of payee or payor; amount received; date of deposit; amount paid out; check… CONTINUE
Citations by the DRE: Top Audit Violation #2
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… CONTINUE
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