Respondent: Wesley N Johnston, Principal Broker, Central Arkansas Realty Team, Conway, Arkansas, Formal Hearing # 3641
Violations: Commission Rules 8.5(a), 10.7(b)(1) & (3), 10.10(a) and Arkansas Code Annotated §17-42-311(a) (2),(4), (7), and (11).
Sanctions: The Arkansas Real Estate Commission ordered Respondent Johnston to pay a penalty of $5,000 and Respondent Johnston must appear before the Commission prior to any activation of his license.
Summary: Respondent Broker Johnston, acting as a dual agent, failed to ensure the agreement to the parties was reduced to writing by allowing a Delayed Occupancy Addendum to be altered after the Complainant Buyers signed the document. The alterations to the Addendum removed all payments from the Seller regarding the delayed occupancy. Respondent Broker Johnston failed to maintain complete records of real estate business handled by the firm. Respondent Broker Johnston also made a substantial misrepresentation to the Arkansas Real Estate Commission regarding business conducted by the firm.