Which authority is responsible for overseeing the California Real Estate Recovery Account?

The California Real Estate Recovery Account is overseen by the Bureau of Real Estate (CalBRE). This body is tasked with regulating real estate professionals in California, and part of that responsibility includes managing the Recovery Account, which is designed to provide financial relief to consumers who have incurred losses due to unethical practices or actions by licensed real estate agents or brokers.

The Recovery Account serves as a safety net for consumers, ensuring that they have recourse in the event of fraud or misrepresentation by a licensed practitioner. The Bureau establishes and enforces guidelines to maintain the account, ensuring that it can effectively serve its purpose in protecting consumers.

While the Department of Consumer Affairs and the California Real Estate Commission are also involved in broader consumer protection and regulatory efforts, they do not handle the specific oversight role of the Recovery Account. The Federal Housing Administration, on the other hand, is unrelated to the state's real estate licensing and recovery processes.