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    "seq": 60,
    "pageIndex": 0,
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    "ocrText": "-\n- Memo, John Latham/Jim McDougal\nJuly 1, 1986\nMADISON REAL ESTATE\nWhen initial sales began at Maple Creek Farms in April of 1983,\nthe listing broker was Perryman Realty Company, Inc. Mr. Perryman\nhad, at this time, other interests including his own subdivisions.\nThis prohibited his devoting the seven days a week necessary to\nthe sales effort then under way at Maple Creek Farms and his\nlisting was terminated.\nSome of Mr. Perryman's better salesmen desired to remain at Maple\nCreek and continue selling. However, Arkansas law requires that\nreal estate salesmen be under the direct supervision of a licensed\nreal estate broker. Mrs. McDougal holds a valid broker's license.\nIn 1983, her license was held under the name \"McDougal Real\nEstate\" although she was not actively involved in the sale of\nreal estate at this time.\nUpon the termination of Mr. Perryman's activities, Mrs. McDougal\nchanged the name of her real estate company to Madison Real\nEstate Company\". Madison Real Estate became a wholly owned\nsubsidiary of Madison Financial Corporation. From that time until\nthe present, Mrs. McDougal has performed the duty of supervision\nbroker for the various salesmen working for Madison Real Estate.\nAlthough it is normal practice that the supervising broker\nreceives at least thirty percent of commissions generated by the\nsalesmen under their supervision, Mrs. McDougal charged no such\nfees. The only fees Mrs. McDougal has received from Madison Real\nEstate are fees for sales she made personally.\nSORENSON ENTERPRISES\nSorenson Enterprises is a sole proprietorship owned by Erik\nSorenson. Mr. Sorenson is a general contractor engaged in\nconstruction and landscaping work. He built the sales office for\nthe subdivison at Camden known as Greentree Farms. He also built\nthe sales office at Fair Oaks. At several of our subdivisions in\nsouthern Arkansas, he supervised the painting and erection of\nsigns in entranceways. He employed in these subdivisions a crew\nof men engaged in selective clearing of trees, planting of grass,\nand the general beautification of the subdivisions. Concurrent\nwith this activity, Mr. Sorenson was engaged in building houses\nfor other persons unrelated to this company.\nBecause of the observed quality of his workmanship, he was placed\nunder Mr. Dutton's command at Little Rock, and given the\nresponsibility of constructing or making additions to various\nhouses at Maple Creek Farms owned by the company. When the\ncompany undertook the development of Castle Grande Estates, an\narrangement was negotiated with Mr. Sorenson whereby for a flat\nmonthly fee he would supervise the assembling of the modular\nhouses and these duties involved the preparation of footings and\n2"
}