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									                             VERMONT SECRETARY OF STATE
                               REAL ESTATE COMMISSI 0 N

In re:           JosephMonaco                   DocketNo. REC41-0304
License No.      081-0003350

                                         DEFAULT ORDER

                                           Eindin2S Fa£!

         Respondentis subject to the regulatory authority of this Board. 3 V.S.A. §§ 129, 129a; 26
         V.S.A. Chapter41, the Administrative Rules of the Real Estate Commission and the
         Administrative Rules of the Office of ProfessionalRegulation.


3.       The Office of Professional Regulation served Respondentwith notice of the charges by
         certified mail and first class mail to the Respondent's last known addressas provided by
         the Respondentto the Office of Professional Regulation. The notice of chargescontained
         instructions detailing the Respondent's legal obligation to answer the chargesand
         explaining the consequences failure file a timely answer. The Respondentwas also
         sent a notice of the default hearing on this matter by certified mail.

4.       The Respondentdid not answer the chargeswithin the time permitted by Office of
         Professional Regulation Rule 3.3 or at any time thereafter. As of to day's date, he has yet
         to answerthe charges although he did correspond with the Office of Professional
         Regulation on 1 February 2006 indicating that "I have no time or stomach for this

5        Upon hearing the State's presentationand taking notice of its own file pursuant to 3
         V.S.A. 81D(4), the Commission found the Respondentto be in default. The allegations
         contained in the State's specification of charges(copy attached) are therefore treated as
         proven and serve as the fachial basis for the Board's order. OPR Rule 3.4, 3 V.S.A. §
         8D9(d) and 3 V.S.A. § 814(c).
                                     Conclusions Law

        The Respondentreceived adequateand legal notice of the chargesas indicated by the
Board's file and the State's presentationof the caseto the Board. Becausethe Respondentfailed
to answerthe chargesof unprofessional conduct, the Commission finds the Respondent in default
and will treat the State'sfactual allegations as if proven pursuant to Office of Professional
Regulation Rule 3.4. Accordingly, the Commission finds, in the hearing held pursuant to 3
V.S.A. §809(d), the Respondenthas engagedin unprofessional conduct as alleged in the State's
 Specification of Charges.

       In accordance with the abovefindin~~~act ~~~nclusions of law, the Commission
ordersthe licenseof the Respondent be K"e'VOrE"D         , effectiveasof the datethis
orderis entered.


      , "" \~;..J ""~~:)c: ~;C...r...r""""
By:                                                  Date:
        Vice Chairperson


 DATE OF ENTRY: A.3            'I   0 4_~


                                                   STATE OF VERMONT
                                                  SECRETARY OF STATE
                                          OFFICE OF PROFESSIONAL REGULATION
                                              VERMONT REAL ESTATE COMMISSION

                         IN RE:
                         JOSEPH MONACO                                    DocketNo: REC41-0304
                         LicenseNo. 081-0003350

                                                        SPECIFICATION OF CHARGES
                           NOW COMES the State ofVennont and makes the following Charges againstthe
                         Respondent, JosephMonaco:


                          1) The Vennont Real Estate Commission ("the Commission") has authority, after
                         finding unprofessional conduct, to issuewarnings or reprimands, suspend, revoke,
                         limit, condition or prevent the renewal of licenseswhether or not a license has
                         lapsed. 3 V.S.A. §121(2), §122(24), §129(a)(4), §129a(d), §814(d); 26 V.S.A.
                         §2252(b)(3) § 2296(e)(1)-{3); and the Rules of the Real Estate Commission


                         2) The Respondent,JosephMonaco, is a licensedReal Estate Broker, holding
                         license number 081-0003350 issued by the StateofVeffilont. This license was
                         originally issued on June 29, 1988 and is currently setto expire on March 31, 2006

                                                                the         was
                         3) At all times relevantto thesecharges, Respondent employedasa real
                         estatebroker at AlmostHome Realtylocatedin Poultney,Vermont.

                         4) At all times relevant to these charges,Respondent   represented seller J.G. as the
                         listing agent for her property, beginning sometime in the winter of 2004.

                         5) On or before March 8, 2004, buyer B.M. visited J.G.'s property with Respondent
                         and made an initial offer of$55,000.00 for the property. J.G. rejected this offer. On
                         or about March 9 or 10,2004, B.M. made a counter-offer of $65,000.00 which J.G.
     OF                  accepted on or before March 12, 2004.

        ~                6) Respondent                                disclosurefonDuntil March 14,
                                       failed to haveB.M. signan agency
                                            by                     as
                         2004 (incorporated referenceandattached Exhibit A).

                         7) On or about March 9,2004, a secondbuyer, I.H., who had previously viewed the
                         property with Realtor P.B., made an offer of $60,000.00 on the property. Seller J.G.
                         also rejected this offer, advising Respondentthat shewanted $65,000.00 for the
       Office of
   9 Baldwin Street
    Montpelier, VT
                         property. Respondentthen made arrangementswith J.R. to view the property on
                         March 13,2004. Respondentshowed J.H. the property on March 13,2004.
                         However, J.H. did not sign an agencydisclosure form until March 14, 2004
                         (incorporated by reference and attachedas Exhibit B).

                         8) The acts, omissions and/or circumstancesdescribed above constitute grounds for
                         discipline becausethe Respondentviolated:

                               (i) RREC Rule 4.5(b) (A brokerage finn employed by a seller shall disclose
                               to a buyer that the brokerage finn representsthe seller's interest and as such
                               has a fiduciary duty to disclose to its principal infonnation that is material to
                               the sale acquired from the buyer or any other source. This disclosure must
                               also infonn the buyer that buyers may retain brokers. This disclosure shall
                               be made orally as soon as reasonablynecessaryto avoid leading the buyer
                               into a misplaced confidence, and shall be provided in writing at the first
                               substantial contact with the buyer, and signed by the buyer);

                                (ii) 26 V.S.A. § 2296(a)(IO)                              the
                                                                         conductmeans following
                                conductandthe conductsetforth in section129aof title 3: fails to fully
                                         to                   of
                                disclose a buyerthe existence an agencyrelationshipbetween        the
                                licensee the seller);

                                                     )(2)                                by
                                (iii) 3 V.S.A. §129a(b (Failureto practicecompetently reaso~ any  of
                                causeon a single occasion onmultiple occasions   may constitute
                                unprofessional  conduct. Failureto practicecompetentlyincludesfailure to
                                conformto the essential           of          and
                                                        standards acceptable prevailingpractice);and

                                                        (Failureto comply with the provisionsof state
                                (iv) 3 V.S.A. §129a(a)(3)
                                statutes rules governingthepracticeof the profession).

                                                      Relief Requested

                         WHEREFORE, the Respondent's license should be revoked, suspended,
                         reprimanded, or otherwise disciplined.

     OF                                                                                              2006.

                                                                               STATE OF VERMONT
                                                                               SECRETARY OF STATE

 ProsecutingAttorney                                                2
       Office of
   9 Baldwin Street
    Montpelier, VT
         -Agg~[_~EL.A                                             TIONS~DItiCLUIW~~                                      ~'~
                                               THII DISCLOSURE ISNOT CONTRACT. REAL ESTATEAGENT. 1M.
                                                                FORM      A
                                                                                                                               I ,.. I.E.'
                      SIGHII~    IT DOESHOT CREATE AlfY AELAITIONSHIPBETWEENYOU AND ANY                                                       .

 ~out    This Di8do&ure Fgrrn:
 In tV~nnont, real estate ~~nt.. are requif8d by law II~pIOWd9 8 wri~n discfosur. c~ing            8g8ncy l.lation5hip&. This fcnn helps real
 95 a B agents ~P!y wijll thIS taw. After you have 'BB;d ~ information contained in this fornI. p#eaSBacknOwledge rBcel t b             nln
 the form and gIVIng it to tile resl eslat8 sg~r wtJopn,vGed it to you. rstaining a copy for yourssff.                          ~ 'Y sJg 9
 It's About Th& Choices YI~:
It is important tt\at you Ullderstand the choices you I~V. with regard to representation In our mark~IaC8. You should Know who each
Bg8~ yo~ may deal with represents and. if you chOQ" to have 8 real estate 8gem represent you, to make an informed decision before
entenng Into 8 legally bl/ldlng agreement with any agent. A..I estate agents may represent 981181'8 buyers. They may also act as
agents for other real ~ Ire ftnns MIa ttlernaelvea have written agreements to represent leliera or buyers. No real estate agent or
brokerage firm mayor Willlegally act on your behalf u your agent unless you and the &gent enter Into 8 wrI1I8n agreement concerni
your representation by iii it agent or firm.                                                                                      ng
Some Choices For You to.MiY:

.SeIIer5       h8~e the rig ht to hire 8 ,.1 estate agelnt brotlemge ftrm and the agents 888()cIat9d w1tt11Nt firm to represent them in the
       sale of ~elr propert ~',A brokerage firm employed by the aeller repreSOnM the seller's inter88t8 and has 8 duty to prClVidethe seller
       Wtr1information that IS m&t8rial to the sale of Ilhe property. This incIooes information that ~e seller's r8aI _tate agent may have
      obtained from proell8ctiv8 pura1aS8r8 or ~eir agenta. Seller's 8gents are also required by law tI~ diBdose to 8 buyer all material
      facts within ttleir knilw!edge about the propeny being aokI.
.Buyers      have the ri!~ht to a hire r88J 88tate brokerage firm and the agents associated with ~It firm to repre5enl them In the
      purchase of property. A brokerage Irm emplc'Yed by the buyer represents the buyers intere8ts and haa a duty to provide the
      buyer with infom81ion ~t is material to the JX'rchue of the property. This includes information Itlat the buyer's real estate agent
      may have obtained from the seller or the seller's agents. HOWEVER. A REAL ESTATE AGENT MAY NOT ACT AS THE ~GENT
.Real         estate brokerslge ftm1S can also engage other btokeraoe firms and the agents associated with those funs ID act on their
        behalf as brokers agentS. Although broker's 81~n1s repressnt the inter86t& of the party whom the principal real eBtBte brokerage
        firm represents (em ler buyer or the 8sller). brolwr'5 agents do not directly represent either the seller or I1e buyer. Broker's agents
        have a duty to prt vide the principal real estate brakerege firm by whom they are engaged with ~Ion                     material to the
        purchase or sale of the property by the principlll ,-.1 e&tatebroker.    ftrm's client
                                    THE CHOK:E IS ~'AS;       MAKE IT INFORMED. MAKE IT IN WRmNG,
~Jo      Obtain            bx a   E~
               ReR{:888n'atlon R881                ~."~
Although there Is no ~llir8ment that you must be ntpresented by a real estate agent In the 881e or ~rch888 clf Propeny, W     you decide
tn have B real e~~~ ag 9nt r8pr8S8nt you in the 88le or purchase of property, you must enter Into a wrItt8n lagreemQ~ with the rltaf
esta!le brokerage firm WilDwill then represent you. :Wlthout such an aareement !he real estate aoent Is not ~'our gnt       and does I~
 f.@P!.egent Vou with r8sotct to the sale or oorchaae of RroRlav. The wrtftBn agreement betWeen YCtJ~           your real ~    agen~ 1MB
 identify the services the I,gent will provide, the tee to be paid for tie servi~. as well as how. when and by whom th

                                                                           Address:   199    MA.I&   B'1'
                                                                                      -~--           VT 0576'1
                                                                            Date:     July 25.       1003
l/We acknowledge that !/we ha- receiveda copy of this disclosure.
                                                                            Date:-~~~~                        ~J /S-j)d J-j
0     Buyer            [!] Seller              (~~ Me)
i!'Buyer               U Seller'               (diD ~)
Bruce~D~~.- I--fi      -L
      ~,-"n~' 7;:;Jt'~ ~
Address:                ...4"~-
                             -.."       ~-      ~E
                                               Dr F        u.C'~ F_~. ~-. ~           T~,            s,     (a) ~,~

                                                                                                                                          UUUUL-n-, II~I"""'-

                                                                         tHIS OI&CL.O8URE FOA., 18 NOT A CONTRAC:"i.
                                     SI~"INa         IT C/OfiS NO"/' C~~i:.ArE AN't RF.LA,..ONSHIP BETWF:EN VOIJ ANb AN" ~EAL f~SfATE                                            AGENT.

        In Vejrlnont, r9s1 ""ral"       aOOtltt' I"   ",qUI/~Cf b)I I"w I(.'!"rvvidd       8 wrirren lil.!i(;JOSiJ{~ (~rJII',;c.4f!lifl.ocI!J~;I(.'j' rellltJQII,9hips.                       fhiS farTfl helps (8t11
        ftS1OI~' af/8n!ilI::t'Jn'lp~y  wit/! this law. ~.fltf' ,au hHI-(~ (,,~d it", iJ)'Orff'a.tiOfl.(!Oj1ta;"e~1IrJ           rnl$ tornl, fIIHIIS. lil:kll/lwledge                             IH/:Htpf by /fig/lIng
         /11.. lorn, 8."d (J/vin{111 to thr; ,aa! f/SfLl/tj iJ{,'9f1/ Wnf) prr)..,ld6d It 1(1VOlJ, rtJtil/IIJJ)~.ft CI,)I-'Y !{II ",t,Ilrs(Y;/

        It is importRnl                                                                                                          In
                               ttlst YOv urlderS1<ina thn CI'I.~)jr,(ft: 'yOU havt) wiih re~..rd to rer>J..,S13nta1i(1I1 Out :\ !llrkQlpl"c.;u                  v()~ 5hu\jlo know wllO eactl
        agent YOII may dettl ~Ilth "preSfll,I!             an~. It y(~U ChOUtif; tu hav~ ~ loai "~\f'              A!Jent 1'()pr~'r'l;nt ~OU. to r~kt~         an rmo"Jled oecisiull before
        OnlerJrl1,f "Iltl a leQftll\' binding ~~rl:l()merll        wI"; .-rlV ~QY'll. ~"al ~$IRte og('OI:. ,nay rL,j~!lf:l.I"1 ~.,II"'lq 111tJuy~(..                   Tllwy IIIMY .1.1.1 ft~1 .¥
        ogo"lC! l,thQr r'i" I """"'/       flrn',' ..,;"., t~e.~"'II..,..."   hay.. 1A"it",n ..1,i'ltQms.r',t" I,: 101;,..'°'°"'   ..."I:II'C .." tl(Jyorw     ~Ir, f8al .."I~t.AI .~"'It    t;\r
        broker':lgu     Ilflll may 01 \N1111~gall'f 31.'( t3rl ,/:';~f h~li'll'J:1 lif) yClur agellt unlfjj)~ ,'au ~1'1:{ ttllJ 6l~I'111 ,"!n'e,' Irnn ,') written    ,1greemt!f'I~ r;()rlcernlng
        YVLII rElp/e,~(.nt"1j~rl        by !.hat ISQtt,,1 01 rtfl",

                  Q~.qi.~:.!!~ FU1.YQu._tQ.MIi~~
        .1';..,110'0            hco'.'n ,..~. "Sh! :" flirf' G 'O/A' 'a..~I':' ~~J':"'.' brc~""~lJg        {i"T! ,1/".1 tt"tJ ";I"",I~ ~"~~.;,.:.i,'I.:,r4 .vill\ II"IT ti""    10" .,.,',.,.;n.." th,..ln in 'hI"
                 "".!.:. 0411'1...1.Fr'C'I!:tC'J""," bro"."'~ij~          lir,." ~"I"p'<lY(ld b~. th~ ~",IIQI fQr-,g~Or:t~ Ihl" ~ofjer'\I i"!~"e9t9 ~I.,I hp~"                 rillt)' t'l p'r.'\Iit~ th.- 901191
                  '#fill"! iI,1(IIIiH$li'I,1 thlall"     lr,.terlb.ll"    \1.. Nit! yt tl'le prnpnr1y,      Thlt! irlclLldt)U IIlfurma\itJr'     Ihu1 tf.ltl u$lI"r'~      rCltoi ~latatCi 6UlJn\ may hova
                  obtainoo          fron"! ptl)\t~~ctiv~;hS8~1~ O! T~fjir &gnnls.       S~IIQr'li .~.,n~      tile a!:Jo rtl.:)\,Jirfid by low tCJ ci.~r.IC)~e to to.bllyer all mnl&rlal
                  ta(;T~ within    Iholf knowledg"                  Ihl' f)I'I)pel'!')' t"lojr,g 5CJI'!.
        .RIJY9rs         haye Ih'G ri9hr tu a hire                    r~~1 ftStBt6 bl"l:lkflrBg~             11rm and   th~    agfln\c;    Itvsoci¥i~     with   thtll   firrn    to   lepr¥JaElnt thEllr) in the
               F"""."A"G    of I"',:"".rty 1\ \


                                                             .._1       1" ..."        ..~,      ,';   m~"."
                                                                                                                        Olitf): :~ij'i~~~I]~1;:,~::~q~f, '-
                            .~.         ~r $';:~~
                 G~r. -:" JI '                        ;
                                                      '\                                                                D~te ~.~E':1         .14.t. ._200~.
    ~       SI.I,.r                         ISeller
        Douy1.M                             a8ndrl.
                         .Y JlOi'
        Arj(jr$ss.'!L.1_.e2! 12015
                       .,           ,        ,-".'                  0".'               .,_.',          --.
                                                 '~"lwlh      /.-.1                         1~~ F~,~..n~
                                                                        " ~fct: r ""U~' Yo...                                                                       .1oIJ.~°ol.
                                                                                                                              'I(oj'" ":.w'.!JIJ"","~,.IIIJJ-:' ~'~~1

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