Check Your Understanding Answers
- What are the Commissioner’s Regulations?
The Commissioner's Regulations are rules that are part of the California Administrative Code. These regulations have been established and are enforced by the Commissioner.
- In order for the Commissioner to investigate a complaint, what timeframe must the complaint be filed?
Within three years of the alleged violation
- List three situations where the Commissioner may temporarily suspend or permanently revoke a real estate licensee’s license. (Additional correct answers on pages 30, 31, and 32.)
A licensee found guilty of any of the following while performing real estate duties:
- Making a substantial misrepresentation by knowingly or negligently making a false statement of fact or failing to disclose a material fact.
- Acting for more than one party in a transaction without the knowledge and written consent of all parties (undisclosed dual agent)
- Acting in any matter that constitutes fraudulent or dishonest dealing
- What is the Recovery Fund?
The Recovery Fund is an account established as a last resort for a consumer who has obtained a final civil judgment or criminal restitution order against a real estate licensee based on fraud or certain other grounds.
The consumer can receive payment of damages and arbitration from this fund if the judgment hasn't been satisfied through the normal post-judgment proceedings.
