Murphy, Dale | Principal Broker | Cherokee Village, AR

02/01/2008 | Hearing No. 3057

In Formal Hearing # 3057 the Commission voted that “…Respondent Murphy’s Arkansas Real Estate Broker’s License be revoked and a penalty assessed of $1,000, payable within thirty (30) days.”The Commission voted that “…Respondent Mays’ Arkansas Real Estate Sales License be suspended for a period of two (2) years.  If Respondent Mays desires to reinstate, he must have a management plan that is agreed to by the principal broker and must be approved by the Executive Director.  Respondent Mays is prohibited from having a broker’s license for a period of five (5) years.

• The Commission found Respondent Murphy guilty of violating Commission Regulations 8.5(a), 10.4(b), 10.8(g)(2) and ACA § 17-42-311(a)(6) and § 17-42-311(a)(13).
• The Commission found Respondent Mays guilty of violating Commission Regulations 8.5(a), 10.8(g)(2) and 10.8(g)(3) and ACA § 17-42-311(a)(6) and § 17-42-311(a)(13).
• Respondents did not protect & promote the interest of Complainant.  Respondents did not provide Complainant an accounting for security deposits & rents received & expenses paid or any account balance concerning Complainants property.
• Respondents did not remit or account for $2,500 sent by Complainant to Respondent Mays to cover the cost of the Landscaping job to Complainant’s property.
• Respondent Murphy did not exercise strict supervision of Respondent Mays property management activities.
• Respondent Murphy & Respondent Mays did not insure that Hanco & Company Rentals Escrow account bank statements were reconciled in writing monthly & balanced to the total amount of trust funds deposited in the account which had not been disbursed.
• Respondent Mays refused to cooperate & provide sufficient accounting and bank records to Commission Investigator for the Complainant’s property and to complete an office examination.
• Respondents conduct as described above constitute improper dealing.
• A Recovery Fund Hearing was held.  Respondent Murphy was ordered to pay $4,259.70 to Complainant in a period not to exceed thirty (30) days.  Respondent Mays was ordered to pay $1,064.92 to Complainant in a period not to exceed thirty (30) days.