Real Estate Principles

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DRE Hot Seat: Trust funds require constant upkeep

DRE Hot Seat: Trust funds require constant upkeep

This article is part of an ongoing series covering violations of real estate law. Here, the Department of Real Estate (DRE) revoked the real estate license of a broker who did not properly maintain trust fund records, and allowed the unauthorized withdrawal of trust funds.

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Errata & Updates

  • Effective January 1st, 2021, California homeowners qualify for a net equity homestead protection of up to $300,000 or the median sale price for a single family residence (SFR) in the homeowner’s county in the calendar year prior to the year in which they claim the exemption, not to exceed $600,000 (adjusted annually for inflation). [CCP §704.730] For more on this topic, see Form-of-the-Week: Homestead exemption, an asset preservation declaration – Form 465