James, Karen Denise | Salesperson | Little Rock, AR

06/06/2012 | Hearing No. 3174

Respondent: Karen Denise James, Salesperson, McDaniel and Company Realtors, Little Rock, AR, Formal Hearing # 3174

Violations: Arkansas Code Annotated § 17-42-311(a)(9), § 17-42-311(a)(6) and § 17-42-311(a)(11); and Commission Regulations 10.1(b), 10.7(a)(1), 10.11 and 10.12(b)

Sanctions: Respondent will take the six-hour agent broker responsibility continuing education (CE) class, in addition to the normal CE requirements, and pay a penalty of $500 to the AREC.

Respondent James was licensed as a salesperson with McDaniel and Company Realtors of Little Rock, AR when she built and owned two properties in Sherwood, one on Meridian Road and one on Whitewood Road. Both were listed with McDaniel and Company Realtors.

• On March 30, 2010, Respondent entered into a Real Estate Contract for the Meridian Road property without making full disclosure that she held an Arkansas Real Estate Salesperson License.
• Respondent failed to remit earnest money to the listing company, McDaniel and Company Realtors, per the terms of the real estate contract.
• On April 29, 2010, Respondent entered into a Real Estate Contract for the sale of the Whitewood Road property without making full disclosure that she held an active Arkansas Real Estate Salesperson License.
• The second transaction occurred without Principal Broker Ralph McDaniel’s knowledge.
• Respondent failed to have the Real Estate Contract brokered and signed by her supervising Broker.