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Consent Order
- Licensee
- Cong (Eric) Li, Cong (Eric) Li
- Brokerage at Time of Sanctioned Activity
- Royal First Realty
- Current Brokerage
- Royal First Realty, Burnaby
- Consent Order Date
- 28 June 2017
Summary
Cong (Eric) Li did not act with reasonable care and skill when he sent a copy of his client's bank draft to a listing agent. Mr. Li then gave the impression that he would submit the deposit into the brokerage's trust account. Mr. Li did not have the bank draft in hand, and his client changed her mind and was not prepared to submit the deposit due to ongoing disagreement with the sellers. Mr. Li's actions contravened section 3-4 of the Rules.
The sellers and buyer came to an agreement and the sale closed without incident. Mr. Li did not promptly provide the Contract of Purchase and Sale to his managing broker, as required by section 3-2(1)(b) of the Rules.
Mr. Li did not immediately notify his managing broker that the deposit was not received in accordance with the Contract of Purchase and Sale, as required by section 3-2(2)(b) of the Rules.
Results
A discipline committee of the Council has ordered the following:
- Mr. Li is reprimanded, and must pay a discipline penalty of $2,500.00 to the Council.
- Mr. Li must pay enforcement expenses of $1,500.00 to the Council.
- At his own expense, Mr. Li must successfully complete the Real Estate Trading Services Remedial Education Course.
As Mr. Li has a personal real estate corporation, the licence of Eric C. Li Personal Real Estate Corporation is also reprimanded, and is equally responsible for paying the discipline penalty and enforcement expenses.