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: MICHAEL JOSEPH SHANNON
File: 09-279
Date of Consent Order: January 29, 2011
Issue: Michael Joseph Shannon,representative,Home & Cottage Realty Ltd. dba Royal LePage Kamloops Realty, Kamloops, 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 in that, while acting on behalf of a buyer in the purchase of property on Dallas Drive, Kamloops, B.C., pursuant to a Contract of Purchase and Sale dated June 24, 2009. he: (a) failed to monitor the transaction to ensure that the initial deposit of $2,500 was received from the buyer within 48 hours of acceptance, namely on or before June 27, 2009, in accordance with sections 3-3(1)(a) and 3-4 of the Council Rules; (b) failed to immediately notify his managing broker that the initial deposit of $2,500, being the type of deposit referred to in section 3-1(4)(a) of the Council Rules, had not been received from the buyer within 48 hours of acceptance, namely on or before June 27, 2009, in accordance with section 3-2(2)(b) of the Council Rules; (c) failed to monitor the transaction to ensure that a further installment of $2,500 was received from the buyer upon subject removal, namely on or before August 5, 2009, in accordance with sections 3-3(1)(a) and 3-4 of the Council Rules; and (d) failed to immediately notify his managing broker that a further installment of $2,500, being the type of deposit referred to in section 3-1(4)(a) of the Council Rules, had not been received from the buyer upon subject removal, namely on or before August 5, 2009, in accordance with section 3-2(2)(b) of the Council Rules.
Result: Michael Joseph Shannon was suspended for seven (7) days from February 23, 2011 to March 1, 2011 (inclusive), and was ordered to successfully complete the Trading Services Remedial Education Course and pay enforcement expenses to the Council in the amount of $1,000.00.
P: Feb 23, 2011 R: Feb 23, 2016