Consent Order

Yi Wen (Ryan) Mok represented a buyer in a transaction where the subject removal deadline required extension. Mr. Mok did not ensure there was an addendum in place to extend the deadline. Licensees must act in the best interests of their clients and with reasonable care and skill. By not ensuring there was an addendum in place, Mr. Mok failed in his duties to his client, contravening sections 3-3(a) and 3-4 of the Rules.

As a licensee, it was Mr. Mok's duty to use reasonable efforts to discover relevant facts about the real estate his client was considering buying, and to disclose all material information about the property to his client. There was a court-ordered sale of the property Mr. Mok's client wished to buy, but Mr. Mok failed to discover this information, and did not inform his client about it. This contravened sections 3-3(h) and 3-3(f) of the Rules.

Mr. Mok did not promptly disclose his remuneration to the buyer, which contravened section 5-11 of the Rules.

Mr. Mok failed to promptly provide trading records to his managing broker, which contravened section 3-2(1)(b) of the Rules.

Results

A discipline committee of the Council has ordered the following:

1. Mr. Mok is reprimanded, and must pay a discipline penalty of $1,000.00 to the Council.
2. Mr. Mok will be closely supervised by his managing broker for a period of one year from the date of this Order on any transactions involving foreclosures or court ordered sales.
3. At his own expense, Mr. Mok must successfully complete the Real Estate Trading Services Remedial Education Course.
4. Mr. Mok must pay enforcement expenses of $1,500.00 to the Council.