Vargas, Luis

Vargas, Luis | Salesperson | Rogers, AR

12/01/2008 | Hearing No. 3074

In Formal Hearing #3074 the Commission ordered that "...Respondent Vargas be fined $500.00, to be paid within thirty (30) days from the date of this Order.  Respondent Vargas is to be placed on probation for a time period of twelve (12) months.  Respondent Vargas must complete a minimum of six (6) hours of continuing education with the focus on ethics, to be approved in advance by the Executive Director, and those six (6) hours will not count toward the general education credit to continue the license.  Before Respondent Vargas can sit for the broker’s license, he must come back before the Arkansas Real Estate Commission for permission."

  • The Commission found Respondent Vargas guilty of violating Arkansas Code Annotated §17-42-311(a)(7) and §17-42-311(a)(13); and, Commission Regulations 10.1(b) and 10.13(a).
  • Respondent Vargas committed acts involving dishonesty, untruthfulness and untrustworthiness.  Respondent prepared a new contract changed the term, used the signature page from the original Real Estate Contract which had been accepted by the Complainant, and submitted the new contract to the lender, without the listing agent or Complainant’s knowledge or approval.
  • Respondent’s conduct constitutes improper and dishonest dealings.
  • Respondent did not present the new $178,000 Real Estate Contract to the listing agent.
  • Respondent acted independently of his Principal Broker by preparing the new contract without his Principal Broker’s knowledge.
  • A Recovery Fund Hearing was held. The Commission denied the recovery fund request.