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Consent Order
Consent Order
- Licensee
- Mohammed Khan, Mohammed Faiaj (Kevin) Khan
- Brokerage at Time of Sanctioned Activity
- Coldwell Banker Universe Realty
- Current Brokerage
- Currently Unlicensed
- Consent Order Date
- 12 December 2018
Summary
Mr. Khan, while licensed with Coldwell Banker Universe Realty committed professional misconduct while acting as the agent for the seller when he:
- failed to act in the best interests of his client when he prepared and had the seller sign an addendum to the contract of purchase and sale stating that the seller would receive net proceeds from the sale and Mr. Khan would receive the remainder of the sale proceeds as a bonus; and
- acted in a potential conflict of interest and failed to advise the seller to seek independent professional advice in relation to the remainder of the sale proceeds that Mr.Khan would receive a a bonus.
On January 26, 2017, the seller wrote to the Council indicating that he had "settled" the matter with Mr. Khan, and another person, and was withdrawing his complaint.
Results
A discipline committee of the Council has ordered the following:
- Mr. Khan is reprimanded and must pay a discipline penalty of $3,000 to the Council.
- At his own expense, Mr. Khan must successfully complete the Real Estate Trading Services Remedial Education Course.
- Mr. Khan must pay enforcement expenses of $1,500 to the Council.