Arizona Daily Sun from Flagstaff, Arizona • 25

The SUN, Flagstaff, Arizona, Sunday, February 17, 198525 RecoveryFundAidsHome Buyers lft Zt Arellano warned against people using the fund as a first course of action and pointed out that the fund is to be used only after all other methods have been exhausted. An applicant to the fund must have gone through the complete court procedure and have made some effort to collect from the agent. She said the fund awarded during fiscal 1983-84 and has paid more than $130,000 so far this year with many cases still pending. She said activity for the fund has increased lately because of two changes in the law: 1) Attorneys fees are now included. 2) The amount of the award increased to good, Kelly said.

He said that there was no cap on it and felt that paying every year could be a waste. Arellano verified that there is no cap on the amount in the fund, which now has more than $1.5 million. Despite tbe problems that Kelly feels exist with the system, the money is still there and if you feel that you qualify for some type of redress from the department or fund, the commissioner suggests in a pamphlet that the case be handled by an attorney because the procedure is complex. The steps to apply to the fund are: 1) Notify the commissioner in lassiinKsss Scene jiS4f 4k. Skyrise to Set Records Pictured is an artists rendering of a 29-story addition now under construction at Circus Circus Hotel-Casino.

Dubbed the Circus Skyrise, the new tower will add 1,188 rooms to the Las Vegas mid-Strip resorts present 1,605, for a total of rooms. Included in the addition will be approximately 17,000 square feet of casino area and 10,000 square feet for a race and sports book, as well as a parking garage. Upon completion of the project In April 1986, Circus Circus will contain a feet of casino casino capacity Skyrise is Circus from the main adjacent to Park. A new link the Skyrise contractor for Corrao Associates, total of more than 100,000 square space, resulting in the largest in the Industry. Site of the Circus Circus Drive, across the street hotel-casino-circus complex and Circus Manor and Circusland RV arm of the Circus Sky Shuttle will to the main Big Top.

Genera! the $59 million project is Marnell Las Vegas. $15,000 and $30,000. She said lawyers are just becoming aware of the fund and now people can afford to apply because they will not have to pay the brunt of the court costs beforehand. She said many of the lawyers will take a percentage of the award instead of a retainer up front. Other provisions exist to collect.

A court case cannot take place more than five years after the sale was made. The fund also covers transactions that were started on or after July 1, 1964, providing that the claimant files a verified claim in the court after all reviews and appeals have concluded. After 10 days, a claimant will receive a written notice from the commissioner on whether he may apply for repayment from the fund. The funds outward appearance seems to be ideal, but Dennis Kelly, president of the Northern Arizona Board of Realtors questions the use of the fund. There is very little being used.

The State Board of Realtors is a bit disgusted because the money is just sitting there collecting interest. Its not really used for the Realtors lC writing when a lawsuit is filed against a licensed agent, which may result in a claim for payment from the fund. 2) Obtain a valid judgment against the licensed agent winning the court case and winning a specific amount of damage. 3) Show that a reasonable effort was made to collect on the judgment from the agent who was found liable in the case and that either the total amount of the judgment or some portion of that judgment couldnt be collected. 4) Apply to the court for an order directing payment from the recovery fund for the amount of the judgment that couldnt be collected.

Anyone who files to the fund knowing that statements made were false or contained any material misstatement of fact is guilty of a Class 2 misdemeanor, according to the statute. Also, anyone applying to the fund without following all the procedures set down by the statute has waived any rights to money. For more information, call the state office in Phoenix, 1-255-4345. -vv VW 4 Tardiada at the Great Adventure Music by El Coyote Sunday 7-11 p.m. Food by La Casita (Under new management) 7th Street across from Kmart Auto 30 BY LAWRENCE BLASKEY Sun Staff Reporter The largest investment for many people will be their first home, but often that first purchase can turn into disaster.

Imagine that you and your spouse are a young couple that is putting a large part of that first five years income into the purchase of a house. The monstrously large down payment is collected, the loan, at a high interest rate, is approved, the papers are signed and youre ready to take possession. Then problems begin to occur. The supposedly new plumbing in your dream house begins rusting, the roof that was just retarred has more leaks in it than a Washington Cabinet meeting and the extra water begins to make your brand new home look like the Titanic just before it went down. This is not an everyday occurrence, but it does happen, even when you deal with a licensed real estate agent.

But those that feel victimized do have some recourse, the Real Estate Recovery Fund. The Real Estate Recovery Fund was established in August 1963 and is money set aside by law (Arizona Revised Statutes 32-2186) to help people who are proven to be victims of wrongdoing on the part of licensed real estate agents in Arizona, said Silvia Arellano, assistant commissioner, Arizona Department of Real Estate. There are more than 40,000 licensees in the state and the fund was set up for those who are victimized by some type of real estate fraud. Originally, the statutes did not cover the cost of attorney fees and that provision often kept people from filing because of lack of finances, Arellano said. The law was changed in August 1963 and allowed more to file because it now includes payment of attorney fees.

The money for the fund comes from the licensees and does not use state tax dollars, according to the revised Arizona Statute. The start-up money for the fund was acquired through additional fees paid into the fund for agents seeking their first licenses. When applying for their original license, a broker payed an additional $20 and a salesman an additional $10. According to the statute, if after that collection the fund has less than $200,000, additional monies will be received from brokers and salesmen renewing their licenses. They will have to pay an additional $10 for brokers and $5 for salesmen.

Those fees are refundable if the is not granted or renewed. The commissioner of the Department of Real Estate, Richard B. Nicholls, who is in charge of the fund, is allowed by law to use up to $50,000 for publicity about the fund. Anyone who has won a court case against a licensed real estate agent is eligible to apply for redress from the fund if after making an effort to collect from the agent is unable to do so for some reason, such as death, bankruptcy, or if the agent has disappeared. The money the fund pays covers actual damages, court costs and attorneys fees, which are awarded to the victim upon winning a case against an agent which has violated the Real Estate Departments statutes or rules.

The maximum amount of money awarded is $15,006 per transaction or if the agent has committed a number of violations, the fund can pay as much as $30,000. GORDON SMITH named to manage the Mountain Region. He and his wife will relocate to headquarters in Flagstaff. Donald L. Thompson, vice president and commercial loan officer in Prescott, will assume duties as manager.

ALBURQUERQUE John C. Binford has joined Albuquerque-based Quinn Co. as a senior vice president and member of the board of directors. Binford formerly was manager of the PaineWebber Inc. office in Albuquerque.

Except for the" 10 years prior to joining PaineWebber in 1983, when he worked in real estate and banking, Binford has worked in the securities business since graduating from college in 1955. Binfords previous securities background includes working for Goodbody Merrill Lynch, and Du Pont Glore Forgan. From 1973-75 he served as senior vice president of the trust department of The First National Bank in Albuquerque. During his eight years in commercial real estate, Binford formed the company of John C. Binford Co.

Quinn Co. has more than 160 employees with 13 offices in five southwestern states. Those offices are located in Albuquerque, Carlsbad, Clovis, Farmington, Las Cruces, Roswell, Santa Fe in New Mexico, Las Vegas, Phoenix, Denver, El Paso and Flagstaff. Prime Commercial Space Flagstaff Introducing a deluxe 48,000 sq.ft. Office Warehouse complex.

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Full amenities. MOVE IN TODAY! 1 Cali tor details Phoenix: Sechrist Enterprises i 276-3733 At A A.J. Jack Pfister, general manager of Salt River Project, has been elected to Del. E. Webb Corp.s board of directors.

The announcement came from Robert K. Swanson, Webb chairman, president and chief executive officer. Pfister, 51, replaces David Bab-, cock, who resigned when he was elected president of Tri-City Properties, managing general partner of the limited partnership which purchased three Nevada casinohotels from Webb Dec. 28. Pfister holds degrees from the University of Arizona in law and metallurgical engineering.

He joined SRP in January 1970, as special assistant to the associate general manager.1 Prior to joining SRP, Pfister was an engineer for Shell Oil Co. and a partner in Jennings, Strouss Salmon, a Phoenix law firm. A native of Prescott, Pfister has held a number of executive positions with SRP, including those of associate general manager for power and deputy general manager. Pfister is a board member of Southwest Forest Industries, United Bancorp of Arizona, and the Arizona Board of Regents. Rick Parizek and Patti Ritter have been elected assistant vice presidents by Western Savings board of directors.

They are loan officers in the Commercial Real Estate Division and are responsible for analysis and origination of Westerns major commercial real estate loans. Ritter is also Westerns project coordinator of the Happy Trails recreational vehicle community in the SurpriseSun City area. Happy Trails Resort is a joint development between Western Savings and Happy Trails Resorts, Seattle. Parizek joined Western Savings in May 1984 from Interfirst Bank of Dallas. He received bachelors and masters degrees from Baylor University.

Ritter, who also joined Western in May 1984, was previously with Deloitte Haskins Sells in Phoenix. She is a C.P.A. and holds bachelors and masters degrees from the University of Arizona. Western Savings is Arizonas largest savings and loan association managing assets in excess of $4.1 billion and 69 branches statewide. lance A -k Michael Lynch, Flagstaff physician from 1962 to 1971, has resumed his naturopathic physician practice in Cottonwood after a four-year retirement.

After working in Flagstaff for nine years, Lynch moved his practice to Cottonwood until 1975. After the move, Lynch was appointed to the Naturopathic Physicians board of examiners and was the legislative advocate for three years. With those duties, Lynch moved to Phoenix where he specialized in biological medicine and psychological counseling. For medical reasons, Lynch retired for four years, until last fall. He returned to the Verde Valley and has a new office at 548 S.

Main Cottonwood. Lynch may be reached by telephone at his office, 1-634-3661, or at his home, 1-634-3481. Emma Jean Russell has been named assistant manager of the Flagstaff downtown office of the Valley National Bank of Arizona, Leonard W. Huck, president, an-' nounced. Russell brings to her position over EMMA JEAN RUSSELL four years of branch experience.

She joined Valley Bank in 1980 in Show Low. She received training in credit and lending and was named a consumer lending officer in February 1983. One year later Russell moved to Flagstaff, assuming her present duties as a credit officer. A native of Mississippi, Russell attended Northern Arizona University before joining Southwest Forest Industries in 1972. In its latest move toward regionalization of its nearly 100 branches, The Arizona Bank announced a new Mountain Region.

The Mountain Region will include the banks three Flagstaff offices, two offices in Prescott and the Sedona, Cottonwood, and Show Low offices. This branch area will reduce the span of control for the regional manager, thereby allowing more individual time to be spent with each branch, said Targe Mandt, senior vice president. Northern Branch Administration. Gordon Smith, Prescott Downtown branch manager, has been Flagstaff East gate Commercial Center 3900 East U.S. Highway 66 Courtesy to Brokers KAYPR0 SHATTERS THE 16-BIT WORLD until now the world of the IBM compatible computet has been a great place for the huge corporations that created it.

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