Summary:
LLR suspended a BIC’s license and fined and probation as discipline for several complaints from the public regarding:
Not executing certain required documents and not providing copies of certain documents.
Operating on verbal agreements.
Not cooperating with LLR investigations.
Making false statements to LLR investigations.
Significant and allegedly suspicious handling of large amounts of earnest money deposits that should have been properly handled/accounted in the BIC’s trust account.
Lessons learned: Properly utilize standard real estate forms or have your lawyer create/supervise written language. Execute and handle forms/copies correctly. Avoid verbal agreements/promises, get these into lawyer approved writings. Cooperate with LLR via your trial lawyer. Always be extraordinarily careful when properly handling earnest money and properly managing your trust account.
Posted by: Byron King on 08/18/22 (This information is only accurate as of 08/18/22. You must contact SCR for updates and changes to this information after 08/18/22 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.