| 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 were 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. 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. Peterson is prevented from reapplying for a license until Feb. 4, 2007.
DOL charged Peterson with repeatedly violating provisions of state real estate law including but are not limited to, failing to keep the trust account equal to the outstanding trust liability to clients; failing to reconcile bank statements with trust accounts; making inappropriate payments from, and then not reimbursing, the trust accounts; failing to keep accurate, posted and up-to-date records. |
