All fees charged and collected under this part and under Chapter 1 of Part 2, except as provided in this chapter, shall be paid by the commissioner at least once a month, accompanied by a detailed statement thereof, into the Treasury of the State to the credit of the Real Estate Fund, which fund is continued in existence.
RevenueReal Estate Fund
Section § 10450
This law requires that all fees collected from real estate activities, unless specified otherwise, must be sent by the commissioner to the State Treasury at least once a month. These funds are credited to the Real Estate Fund, which remains active and available for use.
real estate fees State Treasury commissioner duties
Section § 10450.6
The law establishes two separate accounts within the Real Estate Fund: one for real estate education and research, and another for consumer recovery. They are called the Education and Research Account and the Consumer Recovery Account. Up to 8% of any collected real estate license fee can be put into the Education and Research Account, as determined by the commissioner. Always, 12% of the license fees go to the Consumer Recovery Account unless it's already holding $3.5 million or more. In that case, extra funds go back to the main Real Estate Fund. The Consumer Recovery Account's role is to fulfill specific legal obligations, and whenever you see "Recovery Account" in any related law, it means this particular Consumer Recovery Account.
There shall be separate accounts in the Real Estate Fund for purposes of real estate education and research and for purposes of recovery which shall be known respectively as the Education and Research Account and the Consumer Recovery Account. The commissioner may, by regulation, require that up to 8 percent, or any lesser amount that he or she deems appropriate, of the amount of any license fee collected under this part be credited to the Education and Research Account. Twelve percent of the amount of any license fee collected shall be credited to the Consumer Recovery Account, provided, however, that if as of June 30 of any fiscal year the balance of funds in the Consumer Recovery Account is at least three million five hundred thousand dollars ($3,500,000), all
funds in excess of this amount which have been credited to the Consumer Recovery Account shall instead be credited to the Real Estate Fund. As long as the balance of funds in the Consumer Recovery Account exceeds three million five hundred thousand dollars ($3,500,000), all license fees collected, except for the percentage of license fees credited to the Education and Research Account, shall be credited to the Real Estate Fund. Funds in the Education and Research Account shall be used by the commissioner in accordance with Section 10451.5. The Consumer Recovery Account is continuously appropriated for carrying out Chapter 6.5 (commencing with Section 10470).
As used in this part or any other provision of law, “Recovery Account” shall be deemed to refer to the Consumer Recovery Account.
Real Estate Fund Education and Research Account Consumer Recovery Account
Section § 10451
This law states that any money collected into the State Treasury for the Real Estate Fund is specifically set aside for the commissioner to use in managing the responsibilities described in this part of the law. This includes paying salaries for the commissioner and their team, such as deputies and assistants. The funds are to stay within this account and be used only for these purposes.
All money paid into the State Treasury and credited to the Real Estate Fund is hereby appropriated to be used by the commissioner in carrying out the provisions of this part and Chapter 1 of Part 2, including the payment of the salaries of the commissioner and his deputies, clerks and assistants. The money credited to the fund shall remain therein.
Real Estate Fund State Treasury appropriated funds
Section § 10451.5
This law explains how funds allocated for real estate education and research in California can be used and transferred. Money credited to the Education and Research Account is meant for advancing real estate education and research at various colleges and universities in the state. If this account holds over $400,000, the Real Estate Commissioner can move some of the surplus to the Real Estate Fund. Additionally, if there's a shortage in the Real Estate Fund, the commissioner can transfer money from the Education and Research Account to cover those expenses, ensuring the department functions smoothly. These funds can also be moved back to support educational initiatives if needed.
(a)CA Business & Professions Code § 10451.5(a) All money paid into the State Treasury and credited to the Education and Research Account in the Real Estate Fund pursuant to Section 10450.6 is available for appropriation by the Legislature to be used by the commissioner in carrying out the provisions of this part and Chapter 1 (commencing with Section 11000) of Part 2, in the advancement of education and research in real estate at the University of California, state colleges and community colleges, or in contracting for a particular research project in the field of real estate for the state with any university in the State of California accredited by the Western Association of Schools and Colleges, or with any corporation or association qualified to perform such research.
(b)CA Business & Professions Code § 10451.5(b) If the balance in the Education and Research Account is more than four hundred thousand dollars ($400,000), the Real Estate Commissioner may authorize the transfer of all or part of such surplus amount to the Real Estate Fund and may authorize the return to the Education and Research Account of all or part of any amount previously transferred to the Real Estate Fund.
(c)CA Business & Professions Code § 10451.5(c) Notwithstanding the provisions of subdivision (b), if at any time the amount of funds credited to the Real Estate Fund, including any amounts credited to the separate accounts for Education and Research and Recovery, is less than 25 percent of the department’s authorized expenditures for the following fiscal year, the commissioner may transfer any or all of the funds credited to the Education and Research Account to the Real Estate Fund. The commissioner may authorize the return to the Education and Research Account of all or part of any amount previously transferred to the Real Estate Fund.
Education Account Research Account Real Estate Fund
Section § 10452
This law states that the Controller is responsible for approving and issuing payment requests (called warrants) from specific funds whenever the commissioner spends money. The Treasurer then makes the payment based on these requests.
The Controller shall draw his warrant on the respective funds from time to time in favor of the commissioner for the amounts expended under his direction, and the Treasurer shall pay the same.
Controller warrant funds
Section § 10453
All costs related to the commissioner's work, including their salary, must be covered by money from the Real Estate Fund unless stated otherwise in this chapter.
All of the expenditures of the commissioner, including his salary, shall be paid only from the Real Estate Fund except as otherwise provided in this chapter.
Real Estate Fund commissioner expenditures commissioner's salary
Section § 10454
This law allows the commissioner to take money from the Real Estate Fund to use as needed for cash advances, with approval from the Department of Finance. However, the commissioner must be able to report how the withdrawn money is being used whenever the Department of Finance asks.
The commissioner may, with the consent of the Department of Finance, withdraw from the Real Estate Fund moneys to be used as a revolving fund where cash advances are necessary. The commissioner shall account for the sum withdrawn from the revolving fund at any time upon demand of the Department of Finance.
commissioner Department of Finance Real Estate Fund
