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                                     Real Estate Commission
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      JULY 2001                                      The Executive Director
                                                         Execu Directo  tor
 Arkansas Real Estate Commission
     612 South Summit Street                  2001 LEGISLATION
    Little Rock AR 72201-4740
      Phone: 501-683-8010            The following legislation       estate contracts, and closing   compensation provided the
        FAX: 501-683-8020            was passed by the Legisla-      the transaction. Additional     real estate acts were
                                     ture and signed into law by     topics for new brokers will     performed through a
   E-mail:     Governor Huckabee. If you       include management and          Principal Broker. Lastly, it
           Investigations:           would like a copy please        supervision responsibilities    provides for the temporary        send your written request to    as well as record keeping       operation of a real estate
             Licensing:              AREC.                           and trust accounts. This        firm by a person approved
                                                                     education will focus on         by AREC in the event of
             Web Site:               Post-Licensure Education.       problems that cause com-        death, resignation, termina-   Act 748 authorizes the          plaints and hearings. If you    tion, or incapacity of the
                                     Commission to establish a       have ideas or suggestions of    Principal Broker, or closing
                                     post-licensure education        content to include in the       of the real estate firm.
                                     requirement for individuals     post licensure education        These changes were a
 Members of the Commission           in their first year of licen-   courses please let us know.     result of input from the real
                                     sure as a salesperson or                                        estate industry since the
     Mary Bassett, Chairman          broker. Beginning January 1,    Ownership of a Real             current law was not clear
           Fayetteville              2002, new salespersons and      Estate Firm, Listings, &        regarding whether a firm
                                     brokers will complete post-     Temporary Operation.            could contract and own
  Tom D. Baxley, Vice Chairman
                                     licensure education, not to     Act 1172 reduces current        agency contracts as a legal
                                     exceed thirty (30) class-       practice to law. It clarifies   entity.
          P. Q. Gardner              room hours within twelve        that a person or other legal
            Monticello               (12) months after the           entity not licensed by the      License Fees. Act 535
           Ina Martin                license is issued. If the       Commission may own a real       authorizes the Commission
           Russellville              education is not completed      estate firm provided the real   to increase license fees by
                                     within that twelve (12)         estate activities are           $10.00 if necessary. The
        Virgil L. Miller, Jr.
                                     month period, the license       performed by employees or       Commission requested this
           Little Rock
                                     will be placed on inactive      agents employed by or           authorization since current
                                     status until completed. This    associated with the firm        fees were at the maximum
                                     legislation was industry        who hold Arkansas Real          allowed by law. This
     Commission Staff                driven to help train new        Estate Licenses. It clarifies   increase would be necessary
                                     licensees entering the real     that a real estate firm may     in the event that additional
        Bill J. Williamson
                                     estate business and new         enter into contracts only       revenue was needed for
       Executive Director
                                     brokers. The post licensure     through a Principal Broker      unanticipated expenses that
        Gary C. Isom                 education will be practical     and any licensee employed       may occur in the future.
   Deputy Executive Director         and job-related. Topics to      by or associated with the       However no fee increase is
                                     be included for both new        Principal Broker. That the      planned for the immediate
                                     salespersons and brokers        owner or legal entity of a      time.
July 2001                            will include agency, real       real estate firm may sue for                                1
FORMAL                                     Martin’s broker’s license is revoked
                                                                                      dishonesty, untruthfulness, or

        Hearing                              The Commission found Ms. Martin
                                           guilty of violating Arkansas Code Ann.
                                                                                        Brian Keith Metcalf, Salesperson,
                                                                                      Mena: In Formal Hearing #2022
              DECISIONS                    §17-42-309(a) & §17-42-311(a)(11)
                                           and Regulations 7.5(c) and 10.7(c).
                                                                                      the Commissioners ordered that
                                                                                      “…Respondent Brian Metcalf’s
                                                                                      salesperson’s license be revoked
   The following information is              Ms. Martin failed to maintain a place
   extracted from Findings of              of business and display a permanently
                                           attached sign bearing the name under         The Commission found Mr. Metcalf
   Fact, Conclusions of Law and
                                           which she conducted her business.          guilty of violating Arkansas Code Ann.
   Order which were issued for
                                                                                      §17-42-302(a)(5) & (6), §17-42-
   Hearings conducted by the                 Upon closing her office and ceasing
                                                                                      311(a)(1), (2) & (7), and Regulation
   Commission from January                 to do business as a real estate broker,
   through April 2001. Formal              Ms. Martin failed to notify the
   Hearing Decisions that have             Commission of the address and phone          As a result of Mr. Metcalf’s
   been appealed are not listed.           number of the place where trust            conduct, at the time of his application
                                           account and transaction records were       for a real estate license he did not
                                           being maintained.                          possess a good reputation for honesty,
  Chandra L. Bullock, Principal                                                       truthfulness or integrity sufficient to
Broker, Little Rock: In Formal                Ms. Martin failed to return her
                                                                                      safeguard the interests of the public
Hearing #2017 the Commissioners            license and pocket card upon closing
                                                                                      and could not demonstrate that he had
ordered that “…Respondent Chandra          her office.
                                                                                      no record of unprofessional conduct.
L. Bullock’s license is revoked              Grandle Gene Lair, Principal
immediately.”                                                                           As a result of his false answer to
                                           Broker, Harrison: In Formal Hearing
                                                                                      question 5 on his real estate license
  The Commission found Ms. Bullock         #2019 the Commissioners ordered that
                                                                                      application and the Commission’s
guilty of violating Arkansas Code Ann.     “…Respondent Grandle Lair’s
                                                                                      issuing a license to him in reliance
§17-42-309(a) & 17-42-311(a)(11) and       broker’s license is revoked immedi-
                                                                                      thereon without knowledge and
Regulations 7.5(c), 9.2(b) and 10.7(c).    ately.”
                                                                                      investigation of his conduct, he
  Ms. Bullock failed to maintain a           The Commission found Mr. Lair            obtained a real estate license by means
place of business and display a            guilty of violating Arkansas Code Ann.     of fraud, misrepresentation or conceal-
permanently attached sign bearing the      §17-42-311(a)(3) & (11) and Regulation     ment.
name under which she conducted her         10.16(a).
                                                                                        Mr. Metcalf’s conduct involves
business.                                    Mr. Lair did not report in writing to    moral turpitude, fraud, dishonesty, or
  Upon closing her office and ceasing      the Arkansas Real Estate Commission        untruthfulness.
to do business as a real estate broker,    within thirty (30) days of his plea that
                                                                                        He failed to submit a report of his
Ms. Bullock failed to notify the           he had plead guilty to a crime.
                                                                                      guilty pleas to the Commission in
Commission of the address and phone          Mr. Lair plead guilty to a crime         conjunction with his license application.
number of the place where trust            involving moral turpitude, fraud,
account and transaction records are
being maintained.
   Ms. Bullock failed to return her                                Oops I Did It Again!
license and pocket card upon closing               Problems Investigators see again and again that cause Complaints:
her office.                                 1. Lack of communication with             6. Changes to contract not initialed
  She failed to file a written answer to       buyers & sellers                       7. Contract requirements not
a Complaint filed by an individual.         2. Surprises during the transaction           followed-up
                                            3. Agreements not reduced to              8. Terms of contract not explained
  Burma Martin, Principal Broker,
                                               writing                                9. Property condition misrepre-
North Little Rock: In Formal
                                            4. Copies of signed contracts not             sented
Hearing #2018 the Commissioners
                                               provided                               10. Self-dealing with no written
ordered that “…Respondent Burma
                                            5. Client’s interest not protected            disclosure
  2                                                                                                                July 2001
The AREC Scholarship program offered from January - June 2001 was a tremendous success. All available Scholarships
were utilized and licensees’ comments indicated that very high-quality real estate education was being presented. AREC is
pleased to tell you that education Scholarships will once again be available.

As an Active Arkansas Real Estate Licensee you can receive an educational Scholarship for up to $35.00 to apply to the
cost of any one of the six (6) classroom hour AREC Basic Broker or Salesperson Courses taken between July 1 and
September 30, 2001 from an approved Scholarship course provider.

An application form to apply for Scholarship eligibility is included with this Newsletter. Schools that have been approved
to teach the Scholarship courses are listed on the back side of the application form. Apply for a Scholarship as follows:
        1. Immediately fill out the application form and return to AREC. FAX
           copies will not be accepted. Only a limited number of Scholar-
           ships are available and will be awarded on a first-come first-served
                                                                                           COURSE TOPICS MAY
           basis.                                                                          INCLUDE:
        2. After AREC returns your Scholarship eligibility, complete a quali-
           fied course between July 1 and September 30, 2001. Your                         Real Estate Contracts
           Instructor will have forms available to redeem your Scholar-
                                                                                           From Contract to Closing
           ship payment from AREC.
                                                                                           Office Management,
These classes are expected to fill quickly as class size is limited to approxi-            Policy & Procedures
mately 45 students.
                                                                                           Trust Account/
To obtain information about course offerings and schedules, contact the school
directly. You can visit each school’s website by clicking on “Educators’ Links”
                                                                                            Transaction Files
at Correspondence courses are not                       Broker/Agent
eligible for Scholarship.                                                                   Responsibilities
If you have any questions please call Gary Isom or Nancy Nielsen at the                    Agency Relationships &
Arkansas Real Estate Commission, or contact the approved school of your                     Disclosure

Number of Arkansas Licensees as of June 1, 2001
                                   June 1,
            Active -------------------------------------------------------------- 8,267
            Inactive ------------------------------------------------------------ 2,765
            Total --------------------------------------------------------------- 11,032

July 2001                                                                                                               3
ARKANSAS REAL ESTATE COMMISSION                                                                                     PRSRT STD
612 SOUTH SUMMIT STREET                                                                                            US POSTAGE
LITTLE ROCK AR 72201-4740                                                                                              PAID
If you wish to have your name removed from this mailing                                                            PERMIT #75
list please write the Commission at the address above.                                                           LITTLE ROCK AR

Principal Broker’s                                                                     License Renewal Reminder
Self-Evaluation Guide                                                                Renewal notices for 2002 Arkansas Real Estate
                                                                                     Licenses will be in the mail soon. The deadline to
                                                                                     renew your license for 2002 without penalty is
  Drawing upon their years of experi-
                                                                                     September 30, 2001.
ence in conducting office visits and
reviews, theAREC Investigative staff
is developing a self-evaluation guide
for Principal Brokers and other
persons with office oversight respon-
sibilities. The guide will include items
that are often reviewed and discussed                                                              Happy Retirement
during an office visit by an AREC
Investigator.                                                                                                to You!
  If you have suggestions for content                                                                  licensees and the public over the
or if you would like to be on the                                                                      years. Her knowledge and practical
mailing list to receive a copy when it                                                                 experience about Arkansas Real
is finished, please send a written                                                                     Estate License Law and Regulations
request to Claudia Howard, Investi-                                                                    and how it applies to real estate
gations Secretary, at the Commission                                                                   licensing will be missed by licensees
office.                                                                                                and by the Commission.
                                                                                                         Bea has many varied interests and
   Inside T his Issue                                                                                  is looking forward to spending a lot of
                                                             Bea Williams, Assistant Secretary         time with her first grandchild, Lane
    Executive Director’s Comments ......... 1
                                                            for Licensing, will retire June 30, 2001   Cochran, during her retirement.
    Formal Hearing Decisions ................. 2
                                                            after 28 years with the Commission.          Thank you Bea for your contribution
    Scholarships ...................................... 3
    PB Self-Evaluation Guide .................. 4            She joined the Commission in 1973         to the AREC, the real estate industry,
    License Renewal Reminder ............... 4              as Secretary to the Director and           and the state. The Commissioners
    Bea Williams Retires .......................... 4       backup to the Receptionist. She has        and staff of AREC wish you a long
                                                            answered many, many questions from         and happy retirement.
  4                                                                                                                                July 2001

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