The Department of Licensing (DOL) recently revoked the real estate broker’s license of the owner of a Gig Harbor property management firm, which has a number of clients in Kitsap. At least 102 properties will be affected by the revocation. DOL has sent a notice to all property owners on record regarding the revocation, and property owners were advised to contact the company to secure deposits held in trust accounts.

The revocation closed MGM Property Management on Feb. 4. Owner Kathy Peterson has held a real estate license since 1986, and purchased MGM in December of 1990.

After receiving notice of potential revocation from the state last April, Peterson waived her right to a hearing and opted to comply with state law by the end of August. When she did not, the state issued a revocation order Jan. 25. Peterson is prevented from reapplying for a license until Feb. 4, 2007.

Another broker or property management firm is allowed to take over the property management agreements and properties held with the agreement of property owners.