Stotlar, Allen R.
Stotlar, Allen R. | Associate Broker | North Little Rock, AR
11/01/2004 | Hearing No. 2078
In Formal Hearing #2078 the Commissioners voted unanimously “…that Respondent Allen R. Stotlar’s real estate license be revoked immediately.”
- The Commission found Mr. Stotlar guilty of violating Arkansas Code Annotated §17-42-311 (a)(4) & (11) and Commission Regulations 8.5 (a), 10.1 (b), 10.7 (a)(1), 10.10 (a) and 10.12 (b).
- Respondent Stotlar failed to see that all agreements of the parties were in writing and that signed copies of the agreements were delivered to the Complainants. The agreement by the builder to purchase the property of Complainants was not reduced to writing. Complainants did not receive a signed copy of the August 27, 1999 Real Estate Contract. The verbal agreement to void the contingency in the August 27, 1999 Real Estate Contract was not reduced to writing.
- He failed to sign the August 27, 1999 Real Estate Contract as Selling Agent.
- He engaged in real estate activity independent of his Principal Broker. He failed to present the August 27, 1999 Real Estate Contract to his Principal Broker or provide notice thereof.
- Mr. Stotlar failed to deliver Complainants’ earnest money to his Principal Broker, to cause said earnest money to be deposited into his broker’s trust account, or otherwise be deposited in escrow pursuant to his broker’s instructions.
- Respondent Stotlar made substantial misrepresentations to Complainants. Respondent represented to Complainants that the builder was an experienced and competent builder and that Respondent had no interest or relationship with the builder. Respondent knew that the builder had some experience in construction and that the builder relied on Respondent to oversee the construction of Respondent’s and other clients’ homes, and Respondent had a verbal agreement with the builder to share the profits from the construction of Complainants’ and others homes.
- In another complaint Mr. Stotlar did not protect and promote the interest of the Complainants by not recording or advising Complainants to record with the Faulkner County Clerk the Note and Mortgage in the amount of $40,563.65 which was executed at the July 10, 2000 closing of Lot 56.
- He failed to see that all agreements of the parties were in writing. The agreement between the builder and Complainants that the excess funds received by the builder in the amount of $40,563.65 were to be used to complete the construction of Complainants house on Lot 14 was not reduced to writing.
- Mr. Stotlar made substantial misrepresentations to Complainants. He represented to Complainants that he had no interest or relationship with the builder and that the builder was an experienced home builder when Respondent Stotlar knew that the builder had only been in the construction business part time and held a full time job in addition to the construction company and that the builder relied on Respondent to oversee the construction of Respondents’ home and others.
- A Recovery Fund Hearing was held. Pursuant to Arkansas Code Annotated §17-42-401 et seq., the Commission ordered that Complainants were not entitled to any recovery from the Recovery Fund.