Colorado Real Estate Commission summarily suspends Denver property management company license.
DENVER - The Colorado Real Estate Commission (“Commission”), has summarily suspended the real estate company license for Shell Company, LLC, which was doing business under the name Acute Living, after staff investigators found evidence of misconduct and license law violations. The registered principal office address of Acute Living and Shell Company, LLC, is 1974 S. Acoma Street, Denver, CO 80220, and its registered agent on file with the Colorado Secretary of State’s Office is Andrew Leo Wilkin, whose address can be found on their website. There is also an affiliated business associated with these entities, namely: Acute Property Management, LLC, with the same address as referenced above.
Investigators with the Division of Real Estate (“Division”), part of the Department of Regulatory Agencies (“DORA”), received complaints and concerns from property owners that had engaged the services of Acute Living to manage their properties, and from tenants that are residing in those managed properties. After the Division’s thorough investigation of the facts ascertained, the Commission found that objective and reasonable grounds existed to believe that Shell Company, LLC, doing business as Acute Living, has been guilty of deliberate and willful violations with regard to:
- The failure to account for security and other deposits, and other funds received;
- The conversion, diversion or commingling of funds belonging to others;
- Maintaining an unworthy and incompetent practice;
- Failing to comply with documentation and recordkeeping requirements; and
- Dishonest dealing.
As a result of the Division’s investigation, the Commission has immediately suspended the license of Shell Company, LLC, doing business as Acute Living, and said entities are not allowed to perform any duties requiring a real estate license.
“There are strict regulatory requirements for real estate brokers and real estate companies that handle the funds of others,” stated Marcia Waters, Director of the Division. “Pursuant to the license law, all monies received in connection with property management agreements, such as security deposits and rents, must be placed in an escrow account, as we have regulations established to protect the consumer in real estate transactions so that they can be assured that the real estate brokers and companies they are doing business with are honest, knowledgeable and competent,” Waters added.
Shell Company, LLC, doing business as Acute Living, is facing license revocation and fines.
The Division of Real Estate has limited jurisdiction in these matters and can only enforce the licensing law against real estate licensees. The Division cannot divulge any information concerning an investigation and their investigative files are closed to the public. Furthermore, the Division does not have any authority or power to seek civil restitution for any damages or monies on behalf of consumers.
However, based on the Division’s investigation, there appears to be a significant amount of money missing. If you believe that you have been victim of any wrongdoing by these entities, the Division of Real Estate encourages you to contact one or both of the following entities:
- An attorney for legal advice. The Colorado Bar Association has a “Find-a-Lawyer” program on their website at: www.cobar.org, or call 303-860-1115.
- The local law enforcement agency where your property or where you are renting is located.
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The Division of Real Estate is the state licensing, regulation and enforcement agency for the real estate broker, appraiser, and mortgage loan originator industries. DORA is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit www.colorado.gov/dora for more information or call 303-894-7855/toll free 1-800-886-7675 outside Denver.
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