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: GEOFFREY BUSHBY STEPHENSON
File: 09-137
Date of Consent Order: August 9, 2011
Issue: Geoffrey Bushby Stephenson, managing broker, Greyfriars Realty International Ltd., Surrey, entered into a Consent Order with the Council that he committed professional misconduct within the meaning of section 35(1)(a) of the Real Estate Services Act in that he: (a) contrary to section 3-3(1)(j) of the Council Rules, failed to fully and promptly disclose the conflict of interest, in that he failed to fully disclose to the seller the fact that he acted as the agent for the seller pursuant to the listing contract when, at the same time, he was the president, sole director and a shareholder of a mortgage investment corporation and knew that it was probable the mortgage investment corporation would be commencing a foreclosure action relating to the property; and (b) contrary to section 5-10(b)(iii) of the Council Rules, failed to disclose to the seller that he expected the brokerage and himself to provide trading services to the mortgage investment corporation if the property did not sell during the term of the listing contract and the mortgage investment corporation commenced a foreclosure proceeding.
Result: Geoffrey Bushby Stephenson was reprimanded, and was ordered to successfully complete the Trading Services Remedial Education Course and to pay enforcement expenses to the Council in the amount of $1,000.00.
P: Sep 16, 2011 R: Sep 16, 2012