Consent Order

Mr. Lin committed professional misconduct while acting as the buyer's agent in the purchase and sale of a property in Richmond in that he:

1. failed to disclose to the sellers in the required form that he would be directly acquiring the property after his associate assigned her interest in the contract to him by an addendum to the contract;
2. added the assignment to the brokerage's file concerning the contract without providing the sellers with the disclosure required; and
3. failed to keep his managing broker informed about the real estate services being provided and the other activities being performed by him on behalf of the brokerage when, after his associate assigned her interest under the contract to him, he failed to inform his managing broker that he was acquiring the property directly but had not provided the sellers with the disclosure required.

Results

A discipline committee of the Council has ordered the following:

1. Mr. Lin is reprimanded and must pay a discipline penalty of $5,000 to the Council.
2. Mr. Lin must pay enforcement expenses of $1,500 to the Council.
3. At his own expense, Mr. Lin must complete the Trading Services Remedial Education Course.
4. Mr. Lin, within a time to be determined by the Consent Order Review Committee:
   1. complete a review of the Rules regulating assignments and licensees' responsibilities to their brokerage and managing broker;
   2. meet with his managing broker to discuss his review described in subparagraph (a) above; and
   3. provide a written certification from his managing broker confirming the meeting described in subparagraph (b) above.