The Utah Division of Real Estate has revoked the license of Monroe real estate sales agent Cecil U. Parks and ordered broker Luverne M. Parks not to renew her expired license for two years.
The husband-and-wife real estate team is accused of dishonest dealing, incompetency and making misrepresentations in a land transaction involving three parties, according to documents filed with the division.The Parkses agreed to find a buyer for a 10-acre parcel of land in Monroe. They found two buyers: a woman who would purchase three acres and a couple who would buy the remaining seven.
But the Parkses didn't disclose to the seller that one party would purchase three acres or that the Parkses would receive a commission from that transaction also, a division petition said. Instead, the sellers signed a contract, believing one purchaser was buying the entire 10 acres.
Four years after signing contracts on the two sales, the purchaser of the three-acre parcel completed her payments for the land. But she couldn't get clear title to it until the purchaser of the seven acres completed his payments.
Further complicating matters, the petition said, was the couple's inability to make payments on their contract with the seller without the income from the purchaser of the three acres. Also, the Parkses told the couple that the purchaser of the three acres would be making payments for five years instead of four. The petition said the Parkses knew the couple couldn't afford to make payments on the 10 acres without income from the three-acre transaction.
But the seller would not have agreed to the transaction had he known the buyer couldn't afford the 10 acres and was relying on the undisclosed three-acre transaction, the petition said.