Disciplinary Action - Oh My.
Licensed agents in Tennessee get a quarterly newsletter from the Tennessee Real Estate Commission, a part of the state's Department of Commerce and Insurance. If you don't think agents are regulated, here are some of the most recent disciplinary actions taken by the commission. I've left off names, but am including the violations and fines:- Revoked license and assessed a civil penalty of $30,000 for improper, fraudulent or dishonest dealing. (two more like this at $10,000 each)
- Assessed civil penalty of $1,000 for *failure to exercise reasonable skill and care.
- Assessed civil penalty of $1,000 for failure to timely submit an offer.
- Firm assessed civil penalty of $750 for *failure to notify TREC of the change of a firm address.
- Assessed civil penalty of $250 for *failure to timely deposit escrow money.
- Assessed civil penalty of $250 for an *advertising violation.
- Assessed civil penalty of $500 for *failure to properly disburse escrow funds.
- Assessed civil penalty of $250 for misleading advertising and failure to exercise reasonable skill and care. (several of these advertising problems)
- Firm assessed civil penalty of $8,000 for paying unlicensed affiliates.
- Assessed civil penalty of $1,000 for failure to include all terms and conditions in a contract.
- XXX license suspended for one year for misrepresentation on his application for licensure.
- Assessed civil penalty of $1,000 for failure to answer a complaint.
- Assessed civil penalty of $2,500 for *failure to timely complete education.
- Assessed civil penalty of $2,500 for *failure to exercise adequate supervision.
- Assessed civil penalty of $250 for failure to timely complete administrative measures.
So don't think for a second that we aren't very careful about working with honesty and integrity. Besides it being a moral, ethical, and legal prerogative, we do know that Big Brother is watching us!
Labels: civil penalty, disciplinary
posted by Kathy T. @ 11:12 AM
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