CHARLOTTE – Maryrose Hasrouni Masropian has had her provisional real estate license suspended for two years after failing to complete an ethics course as a stay to her suspension, according to the North Carolina Real Estate Commission. Hasrouni Masropian worked in the general brokerage business and had at one time been with Wilkinson & Associates in Charlotte.
In February 2010, she contracted to sell a property at 4029 Bearwood Ave., Charlotte, to Alejandro and Shirelle McCoy, who lived out of state. Hasrouni Masropian was the manager of the limited liability company handling the sale of the property, and after the sale went through, represented the couple as their property manager.
Unbeknownst to the new owners, because Hasrouni Masropian did not provide any disclosures about the home, the property they purchased needed work, according to the commission. She received $5,000 from the buyers in order to make repairs so the property could be rented. But, according to the commission’s consent order, she failed to account for how she spent the money.
In addition, the tenant’s security deposit and rental proceeds were never put in a trust account. The tenant filed a complaint with Charlotte’s code enforcement board about the condition of the house, and in October 2010 the house was condemned.
In April 2012, the N.C. Real Estate Commission issued a conditional suspension of Hasrouni Masropian’s license, placing her on probation until she completed an ethics course by Oct. 1, 2013. The commission said she did not complete the course.
In another action, the commission stayed the suspension of Terri Brock’s real estate license after she completed a course on real estate ethics and two other courses on real estate license law and commission rules.
Brock was broker-in-charge and qualifying broker at Magnolia Group Realty in Charlotte, where she managed properties for many clients. The commission found that she didn’t maintain trust accounts records as required, even though she had just completed the 12-hour broker-in-charge course. No funds were misappropriated or missing from the trust accounts.
Attempts to reach Hasrouni Masropian and Brock for comment went unreturned.
A third action taken by the Real Estate Commission involved Justin Michael Santini, broker at Luxor Properties, a property management company in Charlotte. Santini was responsible for maintaining the firm’s trust account records.
According to the commission, he allowed the firm to “engage in deficit spending and accumulate a shortage in both the rental and tenant security deposit trust accounts in excess of $75,000.” As a consequence of these actions, the commission revoked Santini’s real estate license and the broker told the commission that all trust accounts would be fully funded this month.
Reached for comment, Santini said he intends to reapply to get his real estate license back. He said the whole issue stems from the acquisition of a portfolio of properties from another property management company that did not transfer existing security deposits after the sale.
“We got taken,” Santini said of the purchase of the other property management company. He would not disclose the name of the company as he is pursuing a civil suit against it.
He added that he had to personally fund the missing $75,000 in the trust accounts.