Payne, Jimmy | Principal Broker | Fayetteville, AR
04/14/2014 | Hearing No. 3361
Respondent: Jimmy Payne, Principal Broker, All Real Estate, LLC, Fayetteville, AR, Formal Hearing #3361
Violations: Arkansas Code Annotated §17-42-311(a)(6), §17-42-311(a)(11), §17-42-311(a)(13) & §17-42-316(b)(2)(I); Commission Regulations 8.5(a), 10.8(b), 10.8(c) & 10.8(g)(1)
Sanctions: Respondent Payne is required to attend the new sixty (60) hour broker education class. The broker education class must be approved in advance by the Executive Director and cannot count toward the regular continuing education hours. Respondent Payne is also fined $500.00 for six (6) of the violations, for a total of $3,000.00.
On February 21, 2011, Respondent listed for sale 1038 Hollywood, Fayetteville, Arkansas. The Property was owned by Wally Properties of Fort Smith, Arkansas, Charles Palmer, Manager. On November 2, 2011, Complainant Humphrey entered into a Real Estate Contract to purchase the property at 1038 Hollywood in Fayetteville, Arkansas. Respondent Payne acted as a dual agent, representing both the Seller and Complainant Humphrey.
On November 4, 2011, Complainant Humphrey wrote a check payable to All Real Estate for the amount of $5,730 for earnest money. On November 4. 2011, Complainant Humphrey wrote a check payable to Respondent Jimmy Payne, in the amount of $4,270, for additional earnest money, bringing the total earnest money paid to $10,000. Respondent Payne cashed the $4,270 check at Arvest Bank in Fayetteville, Arkansas.
On November 14, 2011, Respondent Payne deposited the $5,730 check into All Real Estate’s operating account.
On November 15, 2011, the transaction closed. Respondent Payne provided a cashier’s check to Bronson Title on behalf of Complainant Humphrey in the amount of $9,597.90. The cashier’s check was $402.10 less than the total amount Complainant Humphrey paid to Respondent Payne.
Posted on 04/14/2014
by Pierre Bass