The State Division of Real Estate has revoked the licenses of two individuals and suspended another in disciplinary action taken this month.

Pete Falvo, Salt Lake City, has agreed to have his principal and associate real estate broker license revoked and not to reapply for that license for five years, a stipulation and order said. He also agreed to have his sales agent license placed on five years probation.The stipulation settles Falvo's case, which he had appealed to 3rd District Court after the division revoked both his brokerage and sales agent licenses in 1987.

According to the 1987 order, Falvo was accused of violating state law by not giving earnest money to the seller after the sale of a home fell through and for not keeping records of where the earnest money went. Falvo testified he returned the earnest money to the buyer.

Larry N. Gordon, North Salt Lake, has agreed to have his real estate license revoked, a stipulation and order said.

A petition filed by the division accuses Gordon of making misrepresentations and false promises to buyers and defrauding a lender in a real estate transaction. Gordon told the buyers of a new home and the lender that his broker would take the buyers' former home in trade and assume its mortgage. But Gordon's broker did not take possession of the home or assume the mortgage, exposing the buyers to foreclosure of their former home and damage to their credit rating, the petition said.

Gordon disputes some of allegations in the petition, but he consented to revocation of his license to "avoid further proceedings in this matter," the stipulation said.

Curtis M. Stone, Riverton, has agreed to have his license suspended for six months followed by a one-year probation, a stipulation and order said.

The division accuses Stone of tampering with a key box to gain access to a home for sale. The key box allowed members of the Salt Lake Board of Realtors access to the home.

Stone, who is not a member of the Salt Lake Board of Realtors, said he entered the home to show it to prospective buyers, the stipulation said.