As you have all likely heard, if you are are a real estate broker, or a licensed corporation, who has been issued a “no objection” letter by the DRE, you may no longer enter into the agreements effective October 11, 2009; however, according to the DRE, agreements entered into and advance fees collected prior to October 11, 2009 are not affected.  If you have collected advance fees after October 11, 2009, you should refund them immediately.

What does this mean? If it took you forever, as it did for most, to appear on that nice little advance fee agreement listing, it is all in vain.  It is no longer a selling point nor a bragging tool, it has become worthless.  But do not fret, these advance fee agreements listing will come in handy in 2013.