Colorado Real Estate Commission To Treat License Surrender As A Revocation After Detailed Investigation
DENVER, COLORADO-On August 7, 2024, the Colorado Real Estate Commission (the “Commission”), after a long and detailed investigation, entered into a Stipulation and Final Agency Order with licensee MV Realty of Colorado, LLC, License Number EC.100089583, for license surrender, fines, and public censure. Stemming from various complaints and concerns received by investigators with the Division of Real Estate (the “Division”), part of the Department of Regulatory Agencies (“DORA”), the Commission found that objective and reasonable grounds existed to believe that MV Realty of Colorado, LLC disregarded or violated license law and rules.
The registered principal office address of MV Realty of Colorado, LLC is 1451 W Cypress Creek Rd, Ste. 300, Fort Lauderdale, Florida 33309. MV Realty of Colorado, LLC’s registered agent in the State of Colorado is CT Corporation System, with a registered agent address of 7700 East Arapahoe Rd., Ste. 220, Centennial, Colorado 80112.
At a public meeting of the Commission on August 2, 2022, the Commission unanimously voted to revoke the license. Since that time, the Division pursued a resolution and, in due course, obtained a license revocation in less time than in a judicial proceeding. Concurrently, Division staff has worked diligently to protect the public from further victimization by educating licensees regarding the alleged behavior and various media outlets have covered the impermissible behavior. The Colorado General Assembly has also acted by passing a bill which, on April 3, 2023, Governor Polis signed. Senate Bill 23-077 became law prohibiting the inclusion of certain terms in a broker contract.
Resulting from the Division’s investigation, the licensee has stipulated to surrender their license, and the Commission will treat this as a license revocation pursuant to § 12-10-217(1), C.R.S. Effective September 23, 2024, MV Realty of Colorado, LLC is not allowed to perform any duties requiring a real estate license.
In response to this rigorous investigation and carefully negotiated Stipulation and Final Agency Order, Division Director Marcia Waters stated that “through the Division’s efforts, the Commission determined that a permanent revocation best serves the interests of justice and DORA’s mission of consumer protection. MV Realty of Colorado is now prohibited from conducting any licensed activity in the State of Colorado. Licensees hold a position of trust in our communities and with this agreement, Colorado consumers will be protected from future harm.” Director Waters continued, stating “All members of the public should be informed of the importance and long-standing ramifications of executing any documents which encumber or purport to encumber their property before signing such a document.”
The Division has limited jurisdiction in these matters and is statutorily mandated to enforce license law against real estate licensees. The Division is unable to divulge any information concerning an investigation. Furthermore, investigative files are closed to public inspection pursuant to statute. The Division does not have any authority or power to seek civil restitution for any damages or monies on behalf of consumers.
If you believe that you have been victim of similar wrongdoing, the Division of Real Estate encourages you to contact the Division and file a complaint. You might also consider contacting a licensed Colorado attorney for legal advice.
About the Division of Real Estate:
The Division of Real Estate is the state licensing, regulation and enforcement agency for the real estate broker, appraiser and mortgage loan originator industries.
About DORA:
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 dora.colorado.gov for more information or call 303-894-7855 / toll free 1-800-886-7675.
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