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Consent Order
- Licensee
- Mustafa Abbasi, Mustafa Abbasi
- Brokerage at Time of Sanctioned Activity
- Zolo Realty
- Current Brokerage
- Zolo Realty, Vancouver
- Consent Order Date
- 24 November 2017
Summary
Mustafa Abbasi misguided a licensee of Zolo Realty to use incorrect forms to release clients from a contract. By doing so, Mr. Abbasi did not ensure that the business of the brokerage was carried out competently and in accordance with the applicable laws, as required.
Mr. Abbasi inappropriately authorized Zolo Realty to release a deposit from the brokerage's trust account without a written agreement in place and allowed those funds to be used as a deposit for a new contract. By doing so, he failed to ensure that Zolo Realty's trust accounts and records were properly maintained.
Results
A discipline committee of the Council has ordered the following:
- Zolo Realty is reprimanded.
- Zolo Realty must find a secondary managing broker within 90 days of this consent order.
- Upon the appointment of a secondary managing broker at Zolo Realty, Mr. Abbasi's licence will be immediately suspended for 30 days, from December 6 to January 4, 2018 inclusive.
- At his own expense, Mr. Abbasi must successfully complete the Broker's Licensing Course and examination within the time period directed by the Council.
- Mr. Abbasi and Zolo Realty are equally responsible for paying enforcement expenses of $1,500.00 to the Council.