Consent Order

A discipline committee of the Real Estate Council of British Columbia (the "Council") accepted the Consent Order Proposal submitted by Fuh-Cheng Harry Hsiao and Harry Hsiao Personal Real Estate Corporation, and found that Fuh-Cheng Harry Hsiao and Harry Hsiao Personal Real Estate Corporation committed professional misconduct when they:

1. failed to provide their clients with a disclosure of remuneration in the form required by section 5-11(2) of the Rules to reflect the compensation being received by their related brokerage from a developer in relation to the clients' purchase of six properties from the developer; and
2. failed to act with reasonable care and skill when, pending the developer's receipt of the clients' deposit cheques, they provided Mr. Hsiao's personal cheques to the developer to secure the clients' right to buy four properties from the developer, contrary to section 3-4 of the Rules.

Results

A discipline committee of the Council has ordered, and Fuh-Cheng Harry Hsiao & Harry Hsiao Personal Real Estate Corporation has agreed to, the following penalties:

1. a reprimand;
2. a discipline penalty of $5,000 (jointly and severally);
3. enforcement expenses of $1,500 (jointly and severally); and
4. successful completion of the Real Estate Trading Services Remedial Education Course.