The real estate commissioner for California, Jeff Davi, has announced that he will leave his post after a strong track record for issuing new business licenses.
Mr. Davi is responsible for overseeing business licensing for real estate agencies and the regulation of permits.
Appointed by former governor Arnold Schwarzenegger, he was in the role when the state saw its fastest and largest increase in real estate business licenses.
Indeed, in 2007 the licensee population reached a high of nearly 549,000, representing almost one in every 50 residents.
It followed the peak in house sales volumes, which led to high demand for realtors.
However, the high volume of licensees also led to record numbers of fraud complaints and the need to revoke more than 10,000 business licenses, as well as disciplinary actions by Mr. Davi.
“We accomplished a great deal over the last seven years beginning with the implementation of Electronic Exams to the successful transition to the Mortgage Loan Originator Endorsement License,” Mr. Davi reflected.
He will return to the private sector and work in the real estate business.