The monitor., 1928-10-05
FORCE REFUND OUT
OF LAND SWINDLERS
More Than Tree Millions
Paid Back to Victims.

Washington. More than $3,26000O
has been refunded to victims of I'M
scrupuous real estate agents through
the operation of the real estate IL
cenSe laws In the twelve states which
have kept records of such refunds
since the law went into effect, accord
ing to compilation made by the Ma
tiOnal Association of Real Estate
Boards from reports of officials admin
istering the license laws.
To the figure in question must be
added several hundred thousands of
dollars returned to victimized clients
through the activities of real estate
commissions in the ten states which
have kept no statistical records.
More than l0l47 complaints have
been investigated and adjusted by the
commissions administering real estate
license laws, the reports further show.
s329,93o Refunded in 1927.
A total of $3299;s0 was refunded
during the year 1927 alone in the
eleven states where commissions kept
record of such refunds. Complaints
to the number of 2.234 we're adjusted
during the year by the eighteen real
estate commissions which kept such
a numerical record.
Commissioners in number of
states have been active in suppress
ing the sale of lots by what is known
as the Stree lot scheme" Real es.
tate commissions in Ohio. New York.
New Jersey. Illinois. and California
have taken the stand that operation
of such scheme OF sales is sufficient
ground for revocation of license.
The real estate commission of New
Jersey reports that tie aid of the
commission was sought during the
year by 1900 OF more persons, many
of whom were making their first pur
chase of property located in the state.
very important service of the Cal
ifornia real estate department is its
examination of and report upon rural
lands subdivisions During the last
year the department las made = such
inspection reports A QUESTIONABLE is
sent to the subdiyidef to fill out and
return. The QUESTIONABLE inquiries
into financing. title. how held, incum-
brances and releases water sources
and general adaptation TO expected
uses. The department then follows
the inquiry with personal inspection
BY agricultural deputies The fad
ings and recommendations are dis
cussed with the subdviders. The de
partmenl where necessary broadcasfs
written reports on projects using in
fated advertising. mailing them to
chambers of commerce and realty
boar,ys
Developers Halted.
Last year the California depart
ment stopped the sale of over 10000
acres being sold in ten acre plots, ad
vertised as likely TO enhance in value
when the Boulder dam project was
completed The department placed an
altimeter al various point and found
the lands to be several hundred feet
elevation above the highesi possible
point of canal reach from the { olo
RADIO river Another of 1900 acres was
found to be so poorly financed that
they must depend upon sales with
which to install necessary improve
ments. including canals. roads. etc.
The stopping of these sales is esti-
mated to have saved ,he public the
loss of several millions Of dollars.
The earliest real estate license laws
became effective in 1919 Such laws
are in operation in 1928 il p states
anS one Canadian province.