Bulletin 1977 V8-3

Disciplinary Action

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JACQUELYN SMITH - Sanford -Broker's License No. - 37513 -Suspended for a period of thirty (30) days for violation of G.S. 93A-6(c)(10) - Improperly allowed loan application to be submitted while knowing it contained inaccurate information.

SAMUEL JACKSON CORBETT - Wilmington - Broker's License No. 27739-Suspended for ninety (90) days for violation of G.S. 93A-6(a) (8) and (14) - Failed to keep proper escrow records and failed to deliver a closing statement to the buyers.

WILLIAM JAMES HOLMES - Charlotte-Broker's License No. 27830 -Reprimanded for violation of G.S. 93A-6(c) (7) and (10) - Improperly received offer to purchase without receiving earnest money and failed to inform his principal of this fact, and failed to divide the forfeited earnest money with seller until Board investigation.

SAMUEL H. McMAHON, JR.--Charlotte - Broker's License No. 6082 -Revoked for violation of G.S. 93A-6(a) (8) and (10) - Purchased a tract of real estate for $115,000.00 when it had been offered at $85,000.00 and properly caused or permitted difference ($30,000) to be applied toward his own purchase of another property. Broker has appealed. Stay of execution granted by the Superior Court.

MITCHEL W. HUNEYCUTT - New London - Broker's License No. 22757 - Reprimanded for violation of Section .0105 of the Rules and Regulations of the Licensing Board - Certain advertisements did not indicate they were the advertisements of a broker or brokerage firm.

JOE LAMB, JR.-Nags Head-Broker's License No. 1762 - Reprimanded for violation of G.S. 93A-6(a) (15) - Failure to deposit earnest money in escrow account in accordance with Section .0107 of the Rules and Regulations of the Licensing Board.

JAMES M. HILL, JR. - Address Unknown Broker's License No. 16583 Revoked for violation of G.S. 93A-6(a) (7) and (8) - Failed to return a client's cash deposit within a reasonable time and without explanation, and refused a request from the Board's representative to produce records relative to the handling of the deposit.