Question
Review and edit to make it better: I worked for a Real Estate Brokerage that was operated completely online. I was the Compliance Manager for
Review and edit to make it better:
I worked for a Real Estate Brokerage that was operated completely online. I was the Compliance Manager for the Brokerage.My main role at the company was to review and ensure all transaction files were complete and DRE (Department of Real Estate) compliant. It was my job to work with the Broker and agents to ensure all contracts were completed and turned in on time. I also was responsible to field and answer all questions from the agents.
The Brokerage was ordered to pay $50,000 to a buyer in a transaction due to incomplete and inaccurate use of DRE forms. One of our agents who represented the seller in a transaction had originally completed the wrong form for a sixty-day rent back for the sellers. She completed a SIP, Seller in Possession, which is only to be used on rent backs less than twenty-nine days. We sent her several request to complete the correct form and when she did it was incomplete. When she completed the Residential Lease agreement, she did not list an end date or amount for rent. We sent several requests to have the document amended and even instructed escrow not to close until the changes were made. Unfortunately, escrow closed with the Lease Agreement incomplete. Six months later the buyers were unable to get the sellers to move out of their property and had no legal document to assist them with the process.
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