Disciplinary Action

The Real Estate Licensing Board revoked the broker's license of IRVIN A. STATON of Tarboro for converting trust funds to his own use. The Board found that Mr. Staton negotiated an offer to purchase property he had listed and took $10,000 in earnest money from the prospective purchaser, which was placed in his escrow account. Mr. Staton subsequently used the funds to pay personal bills and was unable to refund the deposit to the prospective buyer when the sale fell through.

The Licensing Board suspended for six months the salesman's license of PATRICIA S. LANE of Kernersville for engaging in "contract kiting." The Board found that Ms. Lane negotiated a sales contract and then had the parties rewrite the contract to show a higher sale price and more earnest money than was actually agreed by buyer and seller. This was done to enable the buyer to obtain financing for which he was not otherwise qualified. The Board also denied Ms. Lane's application for a broker's license.

The Licensing Board reprimanded broker WILLIAM D. BARBRE, JR. of Greenville for making false statements on his application for licensure.