FEMA Urges Missouri Real Estate Agents to Recommend Flood Coverage
FEMA flood insurance specialists urged Missouri real estate agents to advise property owners to purchase flood insurance regardless of flood zone risk level. FEMA noted that 25 percent of all flood insurance claims come from moderate-to-low-risk zones, countering the misconception that coverage is only for high-risk areas. The National Flood Insurance Program is available to property owners in participating communities, with policies effective 30 days after premium payment.
Missouri DIFP Offers Mortgage Fraud Prevention Tips for Consumers and Industry Professionals
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) published mortgage fraud prevention tips on April 10, 2009. The guidance was prepared jointly by the Missouri Division of Finance, Insurance Consumer Affairs Division, Real Estate Commission, and Real Estate Appraisers Commission. Tips are provided separately for sellers (avoiding inflated offers, not signing blank documents) and buyers (not buying beyond means, verifying property sales history).
Short Sale Consumer Tips
The Missouri Real Estate Commission issued consumer guidance on short sales, explaining that short sales allow buyers to pay less than owed on a property but require lender approval. The Commission warns that the process can take 60 days or more and advises homeowners to document declining property values, consult legal and tax professionals, understand credit score implications, and obtain written approval agreements from lenders.
2008 Real Estate Malpractice Report Shows Decade of Losses
The Missouri Department of Insurance, Financial Institutions and Professional Registration published its 2008 Real Estate Malpractice Insurance Report covering data from 1999 to 2008. The report found that real estate malpractice insurance operated at a loss for the decade, with losses plus defense costs reaching 230 percent of premium over 10 years and 161 percent over 5 years. In 2008, 89 claims closed with 18 resulting in payment, and the average claim payment was $11,802.
Bogus Earnest Money Cheque Scam Alert
The Missouri Real Estate Commission (MREC) issued a scam alert warning licensees of a fraudulent earnest money check scheme reported in other jurisdictions. The MREC has not received reports of Missouri licensees being victimized but advises review of posted information from other real estate licensing authorities including the Real Estate Council of Ontario and Realtown.com.
Kristal Amos $5,000 Civil Penalty for Unlicensed Real Estate Activity
The Missouri Real Estate Commission issued a disciplinary order against Kristal Amos for engaging in real estate activity without a license. The Commission adopted the Administrative Hearing Commission's Default Decision finding Amos practiced real estate without holding a license issued by the Commission. The order imposes a civil penalty of $5,000, payable by certified check to the Missouri Real Estate Commission within 60 days of the order dated December 18, 2024.
Austin Ballou - 4-Year License Probation for Felony DWI
The Missouri Real Estate Commission entered into a settlement agreement with Austin J. Ballou, placing his real estate salesperson license on probation for four years following his guilty plea to Driving While Intoxicated Persistent Offender as a class E felony. The license holder must complete his criminal probation successfully and adhere to all conditions set by the Commission, with violations potentially resulting in further disciplinary measures including license revocation.
Randy Alaniz Real Estate Discipline, $1,000 Penalty
The Missouri Real Estate Commission entered into a settlement agreement with real estate broker associate Randy Alaniz (license 2009025551) imposing a $1,000 civil penalty following findings that Alaniz improperly advised a sales agent under his supervision to accept a competing offer after the buyer's initial offer had been accepted. The investigation determined that the Missouri Realtors Legal Hotline did not actually advise the agent that the seller was clear to accept another offer, contradicting Alaniz's assertion. The Commission determined the conduct constituted cause for disciplinary action under Sections 339.100.2(15) and (19), RSMo.
Settlement Agreement - Randy Alaniz - $1,000 Civil Penalty
The Missouri Real Estate Commission reached a settlement with real estate broker Randy Alaniz (license 2009025551) imposing a $1,000 civil penalty. The Commission found that Alaniz, acting as managing broker for Fathom Realty MO LLC, advised agent Lori Sharpsteen to accept a competing offer on a property at 6026 Natural Bridge Road, St. Louis, despite a buyer's offer already having been accepted by the seller. The Commission determined this conduct constituted improper business dealings under § 339.100.2(15) and (19), RSMo.