Greco, Machellia D | Unlicensed | Hot Springs, AR

11/03/2014 | Hearing No. 3378

Respondent(s): Machellia D. Greco, (Unlicensed), Hot Springs, Arkansas, Formal Hearing #3378

Violation(s): Arkansas Code Annotated §17-42-103(9).  Arkansas Code Annotated §17-42-103(12).  Arkansas Code Annotated §17-42-105(a)(1) and §17-42-109.

Sanction(s): Civil penalty of $2,500.00 is hereby assessed and payable to the Arkansas Real Estate Commission within thirty (30) days of the date of the Executive Director’s final Order. In addition, Ms. Greco, as an unlicensed person, is required to reimburse the property owner, Mr. Jones, $400.00 in other remuneration collected within thirty (30) days of the date of this final Order.

On or about January 9, 2006, Machellia D. Greco became Manager and Tax Preparer of Landlord Services of Arkansas, LLC, located at 142 Earnest Way, Hot Springs, Arkansas.  Acting through the corporate entity Landlord Services of Arkansas, LLC, Respondent held herself out as being engaged in the business of renting or leasing real estate by soliciting rental property owners to hireRespondent to provide property management services.  Multiple individual property owners hired Respondent to provide services including leasing, offering to lease, negotiating leases, attempting to lease, and procuring prospects to rent or lease real estate, or collecting rents with respect to the owners’ properties.  On March 24, 2013, Respondent Greco entered into a One Year Lease - Rental Agreement between Landlord Services of Arkansas, LLC as Landlord and Tenant David Dudley as Tenant of property located at 1207 W. St. Louis, Hot Springs, Arkansas, which was owned by Pinewood Real Holdings.  On April 1, 2013, Respondent Greco entered into a Month-to-Month Lease Agreement between Pinewood Real Holdings as Owners, and Landlord Services of Arkansas, LLC, as Tenants for the property located at 1207 W. St. Louis, Hot springs, Arkansas to begin on April 15, 2013.  Respondent received compensation or other remuneration for performing services described in Paragraphs 2 and 3.  Respondent Greco reported to the IRS as income on Schedule C the difference between the lease amounts paid to property owners by Landlord Services of Arkansas, LLC, and the  sublease amounts collected from tenants in a manner typical of a property management business.