Riordan, Matthew J | Salesperson | Little Rock, AR

02/01/2008 | Hearing No. 3048

 In Formal hearing # 3048 the Commission ordered that “…Respondent Riordan is to pay a fine of $500 per violation, for a total of $3,000, and is to serve two years on probation, during which time he cannot hold a broker’s license.  Respondent Riordan is to be issued a letter of reprimand to be placed in his license file.  If, during his probationary period, Respondent Riordan is found guilty of any violation before the Arkansas Real Estate Commission, then his license will be automatically suspended for a duration to be determined at that time.”

• The Commission found Respondent Riordan guilty of violating Commission Regulations 8.4, 8.5(a), 10.1(b), 10.11, 10.13(a), and Arkansas Code Annotated § 17-42-311(a)(13).
• Respondent did not disclose his agency relationship in the “Standard Real Estate Purchase and Sale Agreement.”
• Respondent did not protect and promote the Complainants interest.  Respondent negotiated a short sale on behalf of Complainant, knowing that Complainant had executed an Exclusive Right to Sell Agreement with McKimmey Associates Realtors without advising Complainant to consult with an Attorney concerning his contractual responsibilities.
• Respondent prepared the “Standard Real Estate Purchase and Sale Agreement” and attempted to negotiate a short sale with Complainant independent of his Principal Broker.
• Respondent did not disclose in writing The Real Estate Contract, or any other document, that the buyers, the Respondent and Virgil Brown held real estate licenses.
• Respondent did not contact Broker Averitt or any one with the listing firm McKimmey Associates Realtors, to obtain prior permission to negotiate a short sale with Complainant.  Respondent did not present the offer signed by Buyer, on the contract “Standard Real Estate Purchase and Sale Agreement” or the offer Respondent prepared as Buyer on the Re/Max Realty Real Estate Contract, to the listing firm McKimmey Associates Realtors.
• Respondent’s conduct constitutes improper dealings.
• A Recovery Fund Hearing was held.  Respondent was ordered to pay Complainant $500 within 30 days of this Order.