REAL ESTATE COUNCIL OF BRITISH COLUMBIA
In the matter of the Real Estate Services Act
S.B.C. 2004 ch. 42
AND in the matter of a Consent Order pursuant to Section 41 of the Real Estate Services Act
Respondent: SURINDERJIT (SERGE) SINGH RAI & MONEY SAVER REALTY LTD.
File: 08-536 & 09-031
Date of Consent Order: August 10, 2010
Issue: Money Saver Realty Ltd., Surrey, entered into a Consent Order with the Council in which it consented to an Order that it committed professional misconduct within the meaning of section 35(1)(a) of the Real Estate Services Act in that it: (a) contravened section 7-7(1) of the Council Rules in that it failed to file an Accountant ’s Report with the Council for the year ending December 31, 2008 on or before April 30, 2009; (b) contravened section 25 of the Real Estate Services Act in that it failed to prepare trust reconciliations for the trading services brokerage account, commission trust account and reconciliations for the general operating account, in a timely manner as required by sections 8-2 and 8-3 of the Council Rules; and (c) contravened section 27(2) of the Real Estate Services Act by failing to deposit two deposits from a buyer into the brokerage trading services trust account promptly upon receipt.
Issue: Surinderjit (Serge) Singh Rai, managing broker, Money Saver Realty Ltd., Surrey, entered into a Consent Order with the Council in which he consented to an Order that he committed professional misconduct within the meaning of section 35(1)(a) of the Real Estate Services Act by contravening sections 3-3(1)(a) and (b) and 3-1(3)(a) and (b) of the Council Rules in that he was not actively engaged in the management of the said brokerage as he: (a) failed to ensure that the brokerage filed its Accountant ’s Report for the year ending December 31, 2008 on or before April 30, 2009; (b) failed to ensure that the brokerage maintained proper books, accounts and other records; (c) failed to ensure that the brokerage deposited money it received as deposits promptly upon receipt of same; and (d) failed to ensure that a licensee in his office made proper disclosure of remuneration as required by sections 5-8 and 5-11 of the Council Rules.
Result: Money Saver Realty Ltd. was reprimanded and was ordered to pay a discipline penalty to the Council in the amount of $2,000.00.
Result: Surinderjit (Serge) Singh Rai ’s licence as a managing broker with Money Saver Realty Ltd. was suspended for forty-five (45) days from October 6, 2010 to November 19, 2010 (inclusive), but he is immediately eligible to be licensed as an associate broker or representative. Further, he was ordered to successfully complete the Trading Services Remedial Education Course. It should be noted that Surinderjit (Serge) Singh Rai ’s licence as a managing broker with Realty One Homes Ltd., Surrey, is unaffected by this suspension.
Result: Money Saver Realty Ltd. and Surinderjit (Serge) Singh Rai were ordered to be jointly and severally liable to pay audit costs to the Council in the amount of $806.00 and were ordered to be jointly and severally liable to pay enforcement expenses to the Council in the amount of $1,000.00.
P: Sep 15, 20108 R: Sep 15, 2015