THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Thursday, January 23, 1997 TAG: 9701230327
SECTION: LOCAL PAGE: B2 EDITION: NORTH CAROLINA
SOURCE: STAFF REPORT
LENGTH: 28 lines
Three Outer Banks real estate brokers' licenses have been lifted for violations of North Carolina real estate laws.
Robert Louis Yancey, acting as a broker and rental agent for Water Side Realty Inc. in Buxton, between 1993 and 1996 failed to properly maintain tenants' funds in a trust account and did not keep proper records of the trust money, according to the North Carolina Real Estate Commission.
The commission revoked Yancey's broker license.
Water Side Realty was also disciplined for the same violations, which involved owners of approximately 50 residential rental properties in Buxton. The company's corporate real estate broker's license was revoked. Neither party admitted or denied the allegation.
Kill Devil Hills real estate broker Robert A. Young & Associates Inc. also had his license revoked by the commission, which charged that the firm did not maintain its clients' funds in a trust account between 1994 and 1996. The commission said that the company has not accounted for more than $300,000 of its clients' money.
Young & Associates acted as broker and rental agent for the owners of approximately 220 residential properties in the Kill Devil Hills area, the commission said.