Shepherd, James Rel | Principal Broker (deceased) | Hot Springs, AR

07/01/2006 | Hearing No. 3025

In Formal Hearing # 3025 the Commission found that “As a result of the proven violations, that Complainant is entitled to a Recovery Fund award in the amount of $4,241.23, to be paid within 30 days, with notice to be made to the Respondent’s heirs or representatives.  If no payment is made, such amount shall be paid by the Recovery Fund.”

• The Commission found Respondent Shepherd guilty of violating Arkansas Code Annotated § 17-42-311(a)(6) and Commission Regulation 8.5(a).
• Respondent Shepherd failed to remit $4,241.23, which was due Complainants for rents received but not remitted and payment for a pool liner that was not installed.
• Respondent did not protect and promote the interest of his client.  Respondent received $1,000 to replace a pool liner but did not replace the liner or account to Complainant concerning the funds.  Respondent sent Complainant a NSF check in the amount of $4,241.23 representing funds collected or received by Respondent on behalf of Complainant, and did not make the check good.  Respondent failed to send copies of leases as directed by Complainant to the new property manager.