Realtor’s License Suspended After Stealing Money From Customers
When people buy and sell houses, they often rely on real estate professionals to guide them through the process. After all, real estate laws can be quite complex. While real estate brokers and associates have to abide by a code of ethics, some do not. They may take advantage of customers and engage in activities that defraud them of their money.
When this happens, a real estate professional can face license suspension or revocation. This was what happened to the owner of a real estate company in Tennessee. Many customers used the company to manage their properties. The owner of the company collected rent from tenants, but allegedly never gave the money to the owners of the properties.
In 2018, one customer used Eagle Lane Realty and Eagle Lane Properties Management to manage a property after moving out of state. The company collected close to $30,000 in rent for an entire year, but did not forward the payments to the customer.
When asked about payments, the owner of Eagle Lane Properties Management claimed that the IRS froze the customers’ accounts. One customer contacted state regulators. The owner of the property management company claimed she was trying to resolve the issue. A year later, the upset customer still has not received her money from Eagle Lane Properties Management. The company has refused to pay anything until it hears from the real estate commission.
Due to a lapse in insurance, the real estate commission has suspended the real estate license of the owner of Eagle Lane Properties Management. Board members may take disciplinary action against her as well. The Better Business Bureau, which claims the company once adhered to company standards, has now lowered the company’s rating to a D+.
There are now multiple complaints against Eagle Lane Properties Management. Another couple claimed they never received rent payments for the properties that the company managed. They filed a complaint, as did another man.
The owner of the property management company appears to have a history of not paying bills. She is being sued by a local contractor and is facing eviction from her home. Between 2008 and 2018, she has filed for bankruptcy six times.
The woman has not cooperated with the real estate commission. She has not been present at meetings and has refused to turn over requested documents. The commission is proposing to revoke the woman’s real estate license, as well as the license of her company.
Keep Your License with Help From a Tampa Real Estate Broker License Lawyer
Real estate professionals need to apply ethics in all their transactions. They often work with large sums of money and attempting to defraud clients in immoral, unethical and illegal. They can face license loss and other sanctions.
If you are facing administrative issues with your real estate license, seek legal help. You could face license suspension and revocation. Contact a Tampa real estate broker license attorney at the Law Offices of David P. Rankin, P.A. as soon as possible. He can help you obtain a favorable outcome. Schedule your consultation today. Call (813) 968-6633 or fill out the online form.