Respondent(s): Jason Smith / Michala Woodring, FH# 3818
Violations: Respondent Woodring - Arkansas Code Annotated §§ 17-42-311(a)(2), 17-42-316(b)(2)(G), 17-42-311(a)(13) and Commission Rules 8.5(a) and 10.10(a). Respondent Jason Smith - Arkansas Code Annotated §§ 17-42-311(a)(2), 17-42-316(b)(2)(G) and 17-42-311(a)(13), and Commission Rules 8.5(a), 10.4(b), 10.10(a).
Sanctions: Respondent Michala Woodring was required to pay a fine in the amount $4,875 and must appear before the Commission to reactivate her license. Respondent Jason Smith was required to pay a fine in the amount of $4,875, and complete 30 hours of Broker post-license education within six months of the order.
Synopsis: In a dual agency transaction, Respondents Woodring and Smith assisted a Buyer making an offer to the Seller which was contingent upon the Buyer finding another buyer to purchase the property prior to closing. The contract also allowed the Buyer to make repairs to the property prior to closing. The Buyer began substantial demolition inside the property but was unable to complete the remodeling or find a buyer. The Seller then had to pay to complete the remodeling in order to sell the property.
As a direct result of violations proven in Formal Hearing 3634, the Arkansas Real Estate Commission ordered Respondents Woodring and Smith, jointly and severally, to pay damages in the amount of $13,687.87, to the Complainant within 30 days of the Recovery Fund Order.