Ruddle, Vannie Wayne
Ruddle, Vannie Wayne | Principal Broker | Fort Smith, AR
05/16/2011 | Hearing No. 3147
In Formal Hearing # 3147, the Commission voted that Respondent Ruddle be fined $1,000.00 per violation for four violations, for a total fine of $4,000, payable to the Commission within 30 days. The Commission also voted that Respondent Ruddle’s license be revoked. Based upon the proven violations, Respondent Ruddle was ordered to pay Complainant Sohan Thind $25,000 within 30 days of the issuance of the Order.
- The Commission found Respondent Ruddle in violation of ACA § 17-42-301(a) and § 17-42-311(a)(12) and Commission Regulations 8.5(a) and 10.9(a).
- On March 13, 2007, Complainant executed a real estate contract signed by Complainant Sohan Thind as Buyer and accepted by Tim Whitten as Seller relevant to the construction of a new Holiday Inn Express in Clarksville, AR. Respondent Ruddle signed the contract as Listing and Selling Broker of Ten Diamond Real Estate. Jerel Driscoll signed the real estate contract as Listing and/or Selling Agent; however, Jerel Driscoll does not hold an active Arkansas real estate salesperson license.
The real estate contract stated “Buyer to tender $375,000 US dollars to be deposited upon acceptance as earnest money, which shall apply towards purchase price or closing costs.” Additionally, the Complainant and the Respondent signed a General Addendum dated March 13, 2007, that stated, in part, “Earnest money becomes non-refundable if the buyer fails to complete the transaction. Earnest money becomes refundable if the seller fails to complete the transaction.”
- On March 22, 2007, Complainant Thind wired $385,000 into the Ten Diamond Real Estate Escrow Account. On March 23, 2007, Respondent Ruddle paid Seller Tim Whitten $375,000 from the Ten Diamond Real Estate Escrow Account.
- Respondent Ruddle and Seller Whitten believed the $375,000 to be a non-refundable deposit.
When it became obvious the hotel was not being built, Complainant demanded refund of the $375,000.
- Respondent refused to make a refund. Respondent Ruddle stated that he received $100,000 of the money as real estate commission from the Seller and paid $65,000 of the $100,000 to Jerel Driscoll as a referral fee.
- Jerel Driscoll is not an Arkansas real estate licensee.
Posted on 05/16/2011
by Pierre Bass