Colorado Real Estate Commission summarily suspends Colorado Springs property manager’s real estate license
DENVER (Dec. 6, 2016) -- The Colorado Real Estate Commission (“Commission”) unanimously voted to summarily suspend the real estate broker license of Holly Dalton (aka: Holly Nuss) after staff investigators found evidence of misconduct and license law violations. Dalton is the Employing Broker for Premiere Properties and Management, LLC., also doing business as Encore Properties, LLC.
Investigators with the Division of Real Estate (“Division”), part of the Department of Regulatory Agencies (“DORA”), received numerous complaints from property owners who had engaged the services of Dalton to manage their properties. The property owners stated that Dalton failed to deliver the owners monthly rental proceeds, failed to account for tenants’ security deposits and would not respond to email or phone messages.
Division investigators made several attempts to conduct an on-site financial audit of Dalton’s records, but were unsuccessful. In lieu of the on-site audit, the Division issued a subpoena for Dalton’s business bank records and conducted a financial examination of the bank records. The financial examination produced sufficient evidence to substantiate continued harm for Colorado consumers, and as a result, Marcia Waters, Director of the Division, asked the Commission to suspend Dalton’s license. The Commission’s decision was imposed immediately and Dalton is not allowed to perform any duties requiring a real estate license.
“The license law requires that all money received in connection with property management agreements, such as rents and security deposits, be placed in an escrow account,” stated Waters. “There are stringent regulatory requirements for real estate brokers who handle the funds of others. These regulations are in place to ensure that consumers feel confident that the real estate brokers they conduct business with are honest, knowledgeable and competent.”
Dalton is facing license revocation and, fines up to $35,000. The Commission is alleging the following violations:
- Failure to account for funds received;
- Converting, diverting, commingling funds;
- Unworthy, incompetent practice;
- Dishonest dealing; and
- Record keeping requirements.
The Division of Real Estate is the licensing, regulation and enforcement agency for the real estate broker, appraiser, community association manager and mortgage loan originator industries. The Division also registers homeowner’s associations and certifies the holders of conservation easements.