The Colorado Real Estate Commission has unanimously voted to immediately suspend the real estate license of property manager Sherry Jefcoat (aka Sherry Eichman) after numerous complaints were received regarding Jefcoat’s alleged mishandling of rental income owed to property owners.
Investigators with the Division of Real Estate have looked into several complaints alleging that Jefcoat, acting as a property manager, did not forward rental proceeds, security deposits or keys to owners whose properties she was in charge of managing. During the investigation, financial audits showed deficiencies in bank accounts set up by Jefcoat for the properties. Investigators and Staff of the Division of Real Estate found enough evidence to convene an emergency meeting of the Colorado Real Estate Commission and asked the commission to suspend Jefcoat’s license. The decision was imposed immediately and Jefcoat is not allowed to conduct any property management business or perform any duties requiring a real estate license.
“We take all complaints that we receive seriously, but ones involving mismanagement of someone else’s money are among the most serious complaints,” said Marcia Waters, Director for the Division of Real Estate. “Any person who, through a thorough investigation, is found to have mismanaged a client’s money is someone we don’t want working in the real estate industry any longer. The division works hard to ensure that consumers can feel confident that the people they conduct business with are honest, knowledgeable and reliable members of the real estate industry.”
Among the violations found by investigators were failure to account for funds received, dishonest dealing and demonstrating unworthiness or incompetency to act as a real estate broker by conducting business in such a manner as to endanger the interest of the public. Jefcoat could not immediately be reached for comment.
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