Respondent(s): Steven John Fisher, Executive Broker, Marlin Holm, Principal Broker, Crye-Leike Realtors - Bella Vista, Bella Vista, Arkansas, Formal Hearing #3601
Violation(s) for Respondent Fisher: Arkansas Code Annotated §17-42-311(a)(2) and Commission Regulations 8.5(a) and 10.10(a).
Sanction(s): The Commission voted unanimously that Respondent Steven Fisher will be issued a fine in the amount of $3,000. Additionally Respondent Fisher will be required to attend a 30-hour broker post-license education course within six months from the date of the order. A letter of reprimand will be placed in Respondent Fisher’s real estate license file for two years. Respondent Fisher is ordered to provide a copy of the letter of reprimand and the content of the hearing to his principal broker. Respondent Fisher’s principal broker will need to notify the Executive Director of the Arkansas Real Estate Commission that the principal broker is aware of the hearing. This requirement shall remain in place for two years. In the event that Respondent Fisher changes principal brokers within the two year period, Respondent Fisher will be required to notify the new principal broker of the proceedings. The Commission recommended that Respondent Holm attend a 30-hour broker post-license education course within six months from the date of the order.
On or about September 20, 2012, Sellers Magee entered into an Exclusive Right to Sell Agreement with Crye-Leike Realtors, Bella Vista Branch, for the sale of the property located at 32 Basildon Circle, Bella Vista, Arkansas, for a price of $108,000. The agreement began September 21, 2012, and expired March 22, 2013. Sellers Magee signed a Seller Property Disclosure dated September 21, 2012. Sellers Magee answered "No." to Question #18 which stated "To your knowledge are there any defects in the appliances or the mechanical, electrical, plumbing, heating and air conditioning, water, sewer or septic systems of the Property"
On or about December 11, 2012, Seller James Magee was listed as the Complainant on a Bella Vista Police Department Report involving Theft, Criminal Mischief, Criminal Trespass, and Breaking or Entering at 32 Basildon Circle, Bella Vista, Arkansas. The report described damages involving piping and copper wiring at the residence.
On or about June 9, 2013, Respondent Listing Agent Fisher was listed as the Complainant on a Bella Vista Police Department Report involving Theft and Breaking and Entering at 32 Basildon Circle, Bella Vista, Arkansas. The report described "70-80 feet of copper pipe that has been cut" and "several wires had been cut out."
On or about June 16, 2013, Contractor Donald Pinc is listed as the Complainant on a Bella Vista Police Department Report involving Theft, Criminal Mischief, Criminal Trespass, and Breaking or Entering at 32 Basildon Circle, Bella Vista, Arkansas. The report described damages involving the basement door, cut copper pipe, and missing wire.
On or about July 8, 2013, Complainant Buyers Elam signed a Real Estate Contract (Residential) to purchase the property at 32 Basildon Circle, Bella Vista, Arkansas, for the purchase price of $92,000. Complainant Buyers Elam were represented by Lindsey and Associates through Selling Agent Angie Dean. Closing was to occur on August 29, 2013. In paragraph 17 of the contract, titled "Seller Disclosure" it stated, "The written disclosure prepared by Seller is dated July, 8, 2013, and is warranted by Seller to be the latest disclosure and the answers contained in the disclosure are warranted to be true, correct, and complete to Seller’s knowledge." Respondents Fisher and Holm knew or should have known Sellers Magee had not updated the Seller Disclosure form.
On or about July 8, 2013, Complainant Buyers Elam signed the Seller Disclosure form dated by Sellers Magee as September 21, 2012.
The sale of the home closed on September 16, 2013, at Prime Title and Escrow in Rogers, Arkansas.