Amponsah, Paul K. | Principal Broker | Little Rock, AR

10/01/2007 | Hearing No. 3044

In Formal Hearing # 3044 the Commission ordered that “…Respondent Amponsah be assessed a $1,000.00 fine to be paid to the Arkansas Real Estate Commission, and his license be suspended for sixty (60) days.  Respondent Amponsah’s license shall be placed under probation for a period of five (5) years.  Should the Commission find Respondent Amponsah guilty of any violation of this Commission’s rules and regulations within this probationary period Respondent Amponsah’s license shall be immediately revoked.”

• The Commission found Respondent Paul K. Amponsah guilty of violating Commission Regulations 8.5(a) and 10.10(a), and, Arkansas Code Annotated § 17-42-311(a)(13).
• Respondent Amponsah did not protect and promote the Complainant’s interest. Respondent did not insure that Complainant’s payments to the seller were being used to pay the monthly note payments, taxes and insurance.  Respondent did not request or receive written verification from the seller that payments were being made to the lender.
• Respondent did not see that the exact agreements of the parties were reduced to writing and that the Complainant received a signed copy of the Early Occupancy Addendum with changes made by Respondent.  The March 5, 2004 Real Estate Contract reflected that the closing date was 5/31/2004 but the March 4, 2004 Early Occupancy Addendum stated that the closing date was 6/30/2004.  Changes to The Early Occupancy Addendum in paragraph 11, were not initialed by the Complainant.  The Complainant did not receive a copy of the Early Occupancy Addendum with the changes to paragraph 11, made by Respondent.  The Early Occupancy Addendum reflected that Complainant had deposited additional earnest money in the amount of $5,000, which was not collected by Respondent and that $1,000 had been deposited as earnest money, which was not collected by Respondent, contrary to the March 5 Real Estate Contract.  The Early Occupancy Addendum did not identify where the additional funds were being held.  The Early Occupancy Addendum stated that “this is a lease to purchase agreement”, however no terms or conditions regarding the lease purchase, other than in the Early Occupancy Addendum were reduced to writing in a separate agreement.
• A Recovery Fund Hearing was held.  Complainant’s Recovery Fund request was denied.