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RECA Hearing Panel Decisions from June 13 to July 18, 2022
Real Estate Associate registered at the time of conduct with Lampas Holdings Ltd. o/a Re/Max River City
Issues:
The Notice of Hearing submitted by the Registrar outlined four breaches of the Real Estate Act and the corresponding Rules. They are as follows:
- s. 54(3) of the Rules, requiring licensees to disclose in writing the nature of their services, and any conflicts of interest or other facts that could influence their clients’ decisions
- s. 41(d) of the Rules, requiring licensees to fulfill their fiduciary obligations to their clients
- s. 59(2) of the Rules, requiring licensees to provide brokerage agreements to their clients
- s. 53(c) of the Rules, requiring licensees to provide to their broker in a timely manner all original documentation related to a trade in real estate
Facts:
- Pursuant to section 46(1) of the Act, the parties submitted an Admission of Conduct Deserving of Sanction to a Hearing Panel; this Admission was accepted by the Board of Directors of RECA
- In June 2014, John represented both sides in a transaction
- John had an existing relationship with the purchaser and that was not disclosed in writing to the seller
- The client required financing to complete the transaction
- John failed to include a buyer’s financing condition in the offer to purchase and the deal collapsed
- In November 2014, John represented the same two clients in a second transaction
- This deal also collapsed
- John did not provide copies of the agreements from the failed transactions to their brokerage
- John did not sign transaction agreements with the buyer or seller for either transaction
Outcome:
The Panel accepted the Licensee’s Admission of Conduct Deserving of Sanction. Further, the Panel found that the Joint Submission on Sanction presented to them was both reasonable and appropriate, and accepted it. On June 16, 2022, the Hearing Panel ordered John to pay:
- $5,000.00 for the breach of s. 41(d) of the Rules
- $3,000.00 for the breach of s. 53(c) of the Rules
- $3,000.00 for the breach of s. 54(3) of the Rules
- $1,500.00 for the breach of s. 59(2) of the Rules
- $1,000 for costs
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