DENVER, COLORADO-On February 19, 2025, the Colorado Real Estate Commission (the “Commission”), issued a Final Agency Order to revoke the license of Eugene L. Seitz III, License Number EA.100011732, along with other disciplinary action. The Colorado Division of Real Estate (the “Division”), which is a part of the Department of Regulatory Agencies (‘DORA”), conducted a financial audit of the practices of the licensee and conducted a careful investigation and the Commission found appropriate grounds for discipline. The matter was then referred to the Office of Administrative Courts for hearing and a hearing took place June 26-28, 2024 and on July 3, 2024. The Administrative Law Judge issued an Initial Decision on September 3, 2024. In Colorado, all licensees have a right to the exception process and the licensee exercised that right by requesting a hearing before the Commission. That hearing was held before the Commission on February 4, 2025, at which the Commission listened to legal arguments and voted to issue its Final Agency Order.
The licensee principal address is 2808 North Ave., Ste. 400, Grand Junction, Colorado 81501. At all relevant times until 2021, the licensee worked for and was a partial owner for a brokerage firm, CapRock Real Estate, LLC d/b/a Century 21 CapRock Real Estate, which currently has a principal business address of 2755 North Ave., Grand Junction, Colorado 81501. After 2021, the licensee maintained partial ownership of CapRock Real Estate, LLC, but the licensee worked for Elevated Real Estate, LLC d/b/a Century 21 Elevated Real Estate, a new brokerage firm. Elevated Real Estate, LLC has a principal business address of 2808 North Ave., Ste. 400, Grand Junction, Colorado 81501. Both CapRock Real Estate, LLC and Elevated Real Estate, LLC have a registered agent in the State of Colorado: Frascona, Joiner, Goodman, and Greenstein, P.C., 4750 Table Mesa Drive, Boulder, Colorado 80305.
Details of the investigation showed that CapRock Real Estate entered into exclusive right-to-lease listing agreements for approximately five hundred (500) units and during the same time, the licensee marketed himself as a tenant-agent for prospective tenants, executing one hundred sixty-six tenant agreements for the licensee’s work as a tenant-agent. The Administrative Law Judge found that the licensee both failed to meet at least some of the required duties owned to prospective tenants and dealt with prospective tenants dishonestly. On February 19, 2025, the Commission adopted the Administrative Law Judge’s Initial Decision for (1) Public Censure, (2) Imposition of an administrative fine and statutory surcharge for a total of $11,500.00, and (3) Revocation of licensee’s real estate broker license.
After the execution of the Final Agency Order, Division Director Marcia Waters said “adherence with license law is of significant import during every investigation and the discipline of licensee wrongdoing. In particular, the uniform duties are of the most basic tenets in real estate licensure and every licensee must understand their responsibilities to consumers. Those duties are set forth in every real estate contract, covered in countless educational courses, and are of the utmost importance for the protection of the public.”
The Division has limited jurisdiction in these matters and is statutorily mandated to enforce license law against real estate licensees. The Division is unable to divulge any information concerning an investigation. Furthermore, investigative files are closed to public inspection pursuant to statute. The Division does not have any authority or power to seek civil restitution for any damages or monies on behalf of consumers.
If you or someone you know believes that you have been victim of similar wrongdoing, the Division of Real Estate encourages you to contact:
- The Division to File a Complaint at: dre.colorado.gov.
- A Licensed Colorado Attorney for Legal Advice. The Colorado Bar Association has an attorney search tool named “Licensed Lawyer” which can be used to look-up Colorado attorneys on their website at: cobar.org, or the Colorado Bar Association can be contacted by telephone by calling (303) 860-1115.
- Local Law Enforcement. The local law enforcement agency where your property is located.
About the Division of Real Estate:
The Division of Real Estate is the state licensing, regulation and enforcement agency for the real estate broker, appraiser and mortgage loan originator industries.
About DORA:
DORA is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit dora.colorado.gov for more information or call 303-894-7855 / toll free 1-800-886-7675.