Respondent(s): Christie Stone, Salesperson, Diamond Country Realty Inc, Nashville, Arkansas, Consent Order Number 3458
Violation(s): Commission Regulation 10.1(b), 10.10(a), and 10.11.
Sanction(s): Respondent Stone pay a $250.00 penalty to the Arkansas Real Estate Commission within 30 days of the date of this order. In addition, it is FURTHER ORDERED Respondent Stone make arrangements to attend and observe a Formal Hearing at the Arkansas Real Estate Commission approved in advance by the Executive Director.
Prior to becoming a licensed Real Estate Salesperson, Respondent Stone contacted a property owner about purchasing his Real Property located in Nashville, Arkansas.
During the term of her attempt to purchase the subject Real Property, Respondent Stone became a licensed Real Estate Salesperson. After obtaining her Salesperson License, Respondent began negotiations to purchase the subject property. Respondent did not disclose to her Principal Broker her involvement in negotiating to purchase the subject property.
While in the process of negotiating, Respondent Stone agreed with the Seller of the subject property to assist in the collection of rent paid by the tenants on the subject property. Respondent Stone was not paid a fee for her assistance. Respondent Stone did not disclose to her Principal Broker her involvement in the collection of rent on the subject property.
Respondent Stone’s ex-husband entered into a Buyer Representation Agreement with Respondent Stone for the purchase of the subject property. Respondent Stone, as a Real Estate Licensee, did not disclose in writing to the Seller of the subject property, her potential interest in the subject property by the Purchaser.
The closing date of the Real Estate transaction was extended beyond the agreed upon date in the Real Estate Contract. Respondent Stone did not prepare an addendum to extend the closing date of the transaction.
Posted on 11/14/2016
by Linda Alkire