The North Carolina Real Estate Commission said a Charlotte-based brokerage and property management company accused of not properly maintaining accounts has been put on probation for a year.
The commission, in a press release issued today, said an audit of Lando Realty, 1426 E. Barden Road, revealed that Lando, whose broker-in-charge is George Lwin, failed to ensure that all agency agreements were in writing and maintain its trust accounts in keeping with commission rules.
Lando is also accused of not maintaining journals or ledgers and not reconciling accounts monthly. According to the commission, personal funds were maintained over the maximum amount allowed. An overage of $13,000 was found, and maintenance fees were not accurately disbursed, the commission said.
Lwin did not contest the accusations. He signed a consent order Aug. 18 with the commission, which initially called for the broker’s license to be suspended for a year. But the suspension was stayed, the commission said, because it received evidence by Dec. 1 that the trust accounts were fully funded and being properly maintained.
The probation runs through Dec. 1, 2012.
Lwin, 67, native of Burma, moved to the U.S. — he lived in Philadelphia before relocating to Charlotte about 30 years ago — and runs the residential real estate company with his wife.
“We did not keep the records the way commission want us to,” he said. “However, in our computer, all the records the commission wanted were there. We were unable to produce those records when the auditor wanted, because (the) commission defines the headings different from our computer software.”
Lwin said his wife maintains the company’s books; he shows properties. He claims the company did not co-mingle personal money with trust accounts.
The consent order also required him to complete a course in trust account procedures.