Watkins, Elmer | Broker | Jonesboro, AR

10/01/2005 | Hearing No. 3010

In Formal Hearing # 3010 the Commissioners ordered that “…Respondent Watkins’ Broker’s expired license is hereby revoked immediately.”

• The Commission found Mr. Watkins guilty of violating  Arkansas Code Annotated § 17-42-311(a)(2) and Commission Regulation 7.5(c), 8.1, 8.3, 8.5(a), 10.7(c), 10.9(d), 10.10(c), 10.16(a).
• Respondent Watkins did not protect and promote the interest of his client/Complainant.  Respondent delivered the warranty deed executed by Complainant to buyer when he knew that the conditions for delivery of the deeds stated in the April 2001 Escrow Agreement had not occurred.
• Respondent failed to provide the buyer written notice of his agency relationship with Complainant or, if dual agency existed, he failed to make disclosure in writing to both the Complainant and buyer and obtain their written consent to such dual representation.
• Respondent did not report his criminal conviction of August 15, 2001 in State v. Watkins, Independence County Circuit Court, Case No. CR. 2001-210, Respondent entered a guilty plea to obstructing governmental operations, a Class C misdemeanor.
• Respondent closed his real estate office in 2004, but did not notify the Commission of the address and phone number of the place where he was to maintain his firm’s real estate records.
• Upon closing his real estate office, Respondent failed to return to the Commission all the licenses and pocket cards issued to him as principal broker.
• Respondent used listing agreements and real estate contracts that had not been approved by an Arkansas attorney.
• Respondent disbursed the earnest money on Complainant’s contract to himself after Complainant failed to close on that contract.  Respondent’s disbursement of the earnest money to himself was not authorized in writing by the parties.  Respondent did not provide written notice of that disbursement of the earnest money to all parties to the transaction.