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RENO, Nev. (AP) — The Nevada Real Estate Commission has fined a Sparks-based real estate broker more than $100,000 for illegally engaging in a series of short sale transactions.
The Reno Gazette-Journal reports (http://tinyurl.com/leb7ljh) the commission ordered Kyle Krch on Wednesday to pay $102,000 in fines plus $10,128 in commission costs for a total of 39 violations cited by state investigators.
Among other things, Krch was accused of failing to submit written disclosures to sellers regarding his financial interest in their properties.
His lawyer, Matt Hipple, argued that Nevada law can be interpreted to allow for verbal disclosures, which Krch says he made to his clients.
But the commission ruled he did not represent the best interests of the sellers and the lenders, and failed to adequately supervise his agents.
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Information from: Reno Gazette-Journal, http://www.rgj.com
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