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Consent Order
- Licensee
- N/A
- Brokerage at Time of Sanctioned Activity
- Coldwell Banker Universe Realty
- Current Brokerage
- Coldwell Banker Universe Realty, Surrey
- Consent Order Date
Summary
During an Office and Records inspection of Coldwell Banker Universe Realty, Council auditors observed deficiencies in the brokerage's commission trust ledger account.
Coldwell Banker Universe Realty failed to prepare and maintain financial records in accordance with the Real Estate Services Act and the Rules, failed to prepare a detailed breakdown of the trust liability listing for the commission trust account, and failed to reconcile the trust and commission trust accounts.
This contravened section 25 of the Real Estate Services Act, and sections 8-1(1), 8-1(2), and 8-2 of the Rules.
Results
A discipline committee of the Council has ordered the following:
- Coldwell Banker Universe Realty is reprimanded.
- Coldwell Banker Universe Realty must pay enforcement expenses of $1,500.00 to the Council.
- Coldwell Banker Universe Realty must fully comply with the trust accounting and financial record requirements in the Real Estate Services Act and the Rules, and must provide training and supervision to its accounting staff to ensure compliance.
- At its own expense, Coldwell Banker Universe Realty must undergo an audit by the Council within six months of the date of this Order to confirm compliance with the accounting, training, and supervision requirements of this Order.