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LICENSEE: Magsen Realty Inc. and Billy Kwok-Piu Yu 
CURRENT BROKERAGE: Magsen Realty Inc., Vancouver
BROKERAGE AT TIME OF SANCTIONED ACTIVITY: Same as above
CONSENT ORDER DATE: January 30, 2019


 

SUMMARY

A discipline committee of the Real Estate Council of British Columbia (the “Council”) accepted the Consent Order Proposal submitted by Magsen Realty Inc., and found that Magsen Realty Inc. committed professional misconduct when it:

  1. failed to ensure that monies received from a strata (the Strata) as contingency reserve funds were deposited into the Strata’s contingency reserve fund trust account;
  2. failed to open a trust account in the name of the Strata for the purpose of holding monies received from the Strata as special levy funds;
  3. failed to ensure that monies received from the Strata as special levy funds were deposited into the Strata’s special levy fund trust account;
  4. permitted monies received from the Strata as special levy funds and monies received from the Strata as contingency reserve funds to be co-mingled in both the Strata’s contingency reserve fund trust account and a term deposit;
  5. failed during the period from July, 2014 to June, 2015 to transfer monies received from the Strata as contingency reserve funds and deposited in the Strata’s operating account from that account into the Strata’s contingency reserve fund trust account within 7 days after the end of the month in which Magsen had received the monies;
  6. failed to ensure that the Strata had provided Magsen with the required instructions before Magsen transferred funds between the Strata’s trust accounts; and
  7. failed to retain for a period of 7 years after their creation copies of all records that established the scope of Magsen’s authority when providing services to the Strata by failing to retain copies of the signed amendments to the Service Agreement which permitted Magsen to collect fees in excess of those permitted under the Service Agreement during the years from 2011 to 2015.

A discipline committee of the Real Estate Council of British Columbia (the “Council”) accepted the Consent Order Proposal submitted by Billy Kwok-Piu Yu, and found that Billy Kwok-Piu Yu committed professional misconduct when he failed to be responsible for the control of Magsen’s real estate business and failed to be actively engaged in the management of Magsen by permitting Magsen to breach the Real Estate Services Act and the Council Rules, then in effect.

RESULTS

A discipline committee of the Council has ordered, and Magsen Realty Inc. and Billy Kwok-Piu Inc. have agreed to, the following penalties:

  1. a reprimand;
  2. payment of a discipline penalty of $2,500 each (total $5,000);
  3. an audit of Magsen Realty Ltd., at its own expense, to be conducted in a time period determined by the Council but within six (6) months;
  4. enforcement expenses of $1,500 (jointly and severally); and
  5. successful completion of the Broker’s Remedial Education Course.

CONTRAVENTIONS

Real Estate Services Act

Real Estate Rules

 


CONSENT ORDER: Full consent order available as a PDF and through the Canadian Legal Information Institute
POSTED ON: April 3, 2019
LENGTH OF PUBLICATION ON WEBSITE: 5 years