Price Will Convene Hearing on Real Estate Practices

Senator Curren D. Price, Jr., Chair of the Senate Committee on Business, Professions and Economic Development, will convene an Oversight Hearing of the Department of Real Estate and the Office of Real Estate Appraisers on Monday, March 7 from 11 a.m. to 4 p.m.

“California and the nation continue to struggle in the grip of a financial crisis,” said Senator Price. “No doubt many factors have contributed to the size and depth of this crisis; however a significant role has been played by mortgage and real estate issues.

Throughout the crisis, significant criticism has been focused upon real estate practices. Recent reports and articles have criticized the Department of Real Estate for its lack of taking action against licensed brokers and salespersons,” Senator Price said.

“We are interested in hearing from the Department, the Legislative Analyst’s Office, the Center for Public Interest Law, the real estate profession, and other groups and individuals on how the Department may be improved to better protect the public.”

What: Oversight Hearing: Department of Real Estate and the Office of Real Estate Appraisers

When: Monday, March 7 from  11:00 a.m. – 4:00 p.m.

Where: State Capitol, Room 3191

Why: These hearings are part of the Committee’s ongoing responsibility to exercise oversight of state agencies under its jurisdiction. The primary purpose of this review is to assess the effectiveness and efficiency of these agencies in protecting consumers, and to determine whether changes in the law or in their operations or functions are necessary.

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