Business ProfileforRKAK Realty Property Management LLC

On July 23, 2021, the business entered into a Consent Order with the Minnesota Department of Commerce. The Consent Order settles allegations that the business acted as a real estate broker by engaging in property management without a license, failed to deposit funds into a trust account per Minn. Stat. 82.75 subd. 1 and failed to maintain a trust account per Minn. Stat. 82.81 subd. 12(a) (15) (2019); had listing agreements that failed to include a definite expiration date nor include  the list price for the property per Minn. St. 82.66, subd. 1(b)(1)(3) (2019).  The allegations also included listing agreements failed to include required compensation notices, a violation of Minn. Stat. 82.66, subd 1(b) (8) (2019). Under terms of the Consent Order, the business agreed to pay a civil penalty of $7500.00 (total penalty was $10,000 with $2500 stayed), pay investigative fees of $720 and to cease and desist from violating any laws, rules or orders related to Minnesota Statute Chapters 45 and 82. The Consent Order was for settlement purposes only and should not be considered as an admission of guilt or finding of violation of the law. For more details go to the below link.