Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.
Consent Order
- Licensee
- N/A
- Brokerage at Time of Sanctioned Activity
- New Coast Realty
- Current Brokerage
- New Coast Realty, Richmond
- Consent Order Date
- 9 September 2016
Summary
During an Office and Records Inspection of New Coast Realty by the Real Estate Council of BC in 2014, an auditor uncovered evidence that a deposit cheque for the purchase of a property had been deposited in the brokerage's general account rather than the trust account. This resulted in the brokerage's trust account incurring a negative balance. The brokerage did not, as required, notify the Council about the negative balance, and did not take immediate steps to eliminate the negative balance. This contravened section 7-5 of the Rules.
During the same inspection, the auditor observed that New Coast Realty had paid unlicensed individuals for providing real estate services on behalf of the brokerage. This contravened section 6-1 of the Rules.
Results
A discipline committee of the Council has ordered the following:
- New Coast Realty is reprimanded and must pay a discipline penalty of $7,500.00 to the Council.
- New Coast Realty must pay enforcement expenses of $1,500.00 to the Council.