The Colorado Real Estate Commission voted to immediately suspend the real estate license of property manager Sherry Jefcoat, after 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 complaints alleging that Jefcoat did not forward rental money, 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 real estate staff found enough evidence to convene an emergency meeting of the Colorado Real Estate Commission and ask to suspend her license. The decision was imposed immediately and Jefocat is not allowed to conduct any property management business or perform any duties requiring a real estate license.

“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,” said Marcia Waters, director for the Division of Real Estate. “The divsion 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.”

Investigators found the following violations: failure to account for money received, dishonest dealin gand demonstrated unworthiness or incompetency to act as a real estate broker.


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