Consent Order

Tong (Tony) Li was a member of a team and did not disclose the nature of the representation he was providing to his buyer client.

Mr. Li prepared a contract which indicated that he was acting as a designated agent for the buyer, and that two other members of his team were acting as designated agents for the seller. At the same time, all three licensees also entered into a limited dual agency agreement with the seller and buyer.

Mr. Li did not ensure that all the members of his team were identified on the contract. He also had the buyer sign two documents on the same date, with one document acknowledging a client relationship, and another document acknowledging a customer relationship.

Mr. Li did not disclose to his buyer client the full amount of commission payable to his brokerage before entering into the contract, as required.

Results

A discipline committee of the Council has ordered the following:

1. Mr. Li is reprimanded and must pay a discipline penalty of $3,000.00 to the Council.
2. Within three months of the date of this order, Mr. Li must:

   a. Review with his managing broker sections 3-4 and 5-10(a) of the Rules,

   b. Submit to the Council a certification signed by his managing broker that he has completed this review, and

   c. Prepare and submit to the Chair of the Council a statement which demonstrates, to the satisfaction of the Chair, what he has learned from this incident and from the review and how it will guide his practice in the future.

3. At his own expense, Mr. Li must successfully complete the Real Estate Trading Services Remedial Education Course.
4. Mr. Li must pay enforcement expenses of $1,500.00 to the Council.

As Mr. Li has a personal real estate corporation, the licence of Tony Li Personal Real Estate Corporation is also reprimanded, and is equally responsible for paying the discipline penalty and enforcement expenses.