Branscum, Lance Alan
Respondent: Lance Alan Branscum, Principal Broker FH 3683
Violations: Arkansas Code Annotated § 17-42-311(a)(2, 6, 9, 11, 12) and Commission Rules 6.2(c), 8.5(a), 10.7(b)(1), 10.8(c), 10.8(g)(1),
Sanctions: The Arkansas Real Estate Commission ordered that Respondent Branscum receive a letter of reprimand and must request to appear before the Commission if reinstatement of his license is requested.
Summary: Respondent Branscum entered into a property management agreement with a homeowner and leased the property to a tenant. Respondent Branscum collected rent over an extended period of time and failed to deposit rental income into his firm’s trust account. Respondent Branscum also continued to collect rent while his broker license was inactive and expired. Upon the termination of the property management agreement, Respondent Branscum failed to submit the last month’s rent to the owner and failed to forward the security deposit to either the owner or the tenant.