Gates, Ronald | Broker | Conway, AR

05/01/2005 | Hearing No. 2098

In Formal Hearing #2098 by Consent Order the Commissioners ordered “…that Respondent Ronald Gates’ broker license be revoked effective immediately.  Furthermore, should Mr. Gates apply for a real estate license in the future, he shall do so as an original applicant and shall appear before the Commission for the Commission to determine whether he meets the eligibility requirements pursuant to the then applicable law before he is eligible to sit for the Arkansas Salesperson or Broker real estate license examination.”

• Mr. Gates did not exercise strict supervision of the property management activities of Salesperson Tim Rodgers; failed to have either “trust” or “escrow” in the name of the account he reported to the Commission as his trust account; failed to reconcile the trust account in writing monthly and failed to balance the trust account to the total amount of trust funds deposited into the account that had not been disbursed.
• The Commission found Respondent Gates guilty of violating Commission Regulation 10.4(b); Regulation 10.8(c) and Regulation 10.8(g)(2).