An administrative law judge has revoked the real estate license of William W. Lamb, accused of making misrepresentations and false promises to parties in two separate transactions.
A news release from the state Division of Real Estate said the disciplinary action was taken after a hearing on a petition filed by the division after its investigation into two complaints involving separate transactions.Both complaints dealt with Lamb promising the sellers of two condominiums that he would assume the mortgages of each in simple assumption agreements, where the sellers would still be liable for mortgage payments although the property had been sold. The parties entered into such agreements on the basis that Lamb was a licensed real estate agent and therefore a good risk, the release said.
Lamb, who was using the condominiums in a relocation business, failed to make payments on either mortgage, although he was receiving rental income from the condominiums, the release said. Lamb eventually filed bankruptcy in July 1989.
Since filing bankruptcy, Lamb has made payments on the mortgages and has made installments to satisfy "arrearages," but "given the serious nature of (Lamb's) misconduct, and since he acted to promote his own interest in derogation of the best interests of (the sellers), an appropriately severe sanction should enter," the order said.