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LICENSEE: Oakwyn Property Management Ltd., Arlene Christina Chiang and Arlene Chiang Personal Real Estate Corporation
CURRENT BROKERAGE: Oakwyn Property Management Ltd., Vancouver
BROKERAGE AT TIME OF SANCTIONED ACTIVITY: Same as above 
CONSENT ORDER DATE: May 29, 2019


 

SUMMARY

A discipline committee of the Real Estate Council of British Columbia (the “Council”) accepted the Consent Order Proposal submitted by Oakwyn Property Management Ltd., Arlene Christina Chiang, and Arlene Chiang Personal Real Estate Corporation and found that:

  1. Oakwyn Property Management committed professional misconduct within the meaning of section 35(1)(a) of the RESA, when it:
    1. failed to prepare and maintain proper books and records for the year 2017, as identified during the Council’s inspection of the brokerage’s books and records in June 2017 (the “2017 Audit”), and in particular:

      1. copies of the monthly bank reconciliations for the rental property management trust account, rental security deposit trust account, and the general operating account;

      2. copies of the trust liability listings for the rental property management and rental security deposit trust accounts;

      3. copies of the trust liability reconciliations; and

      4. copies of the monthly general ledgers trust accounts, and the general operating account;

        contrary to section 25 of the RESA, and sections 8-1 and 8-2 of the Rules; and

    2. failed:

      1. to take immediate steps to eliminate:

        1. to the negative balances with respect to 34 rental property trust accounts (for a total of $29,369.79); and

        2. a negative balance with respect to the security deposit trust account (in the amount of $50.00);

          and

      2. to notify the Council about the negative balance(s) no later that 10 days after the day on which the negative balance(s) arose,

        contrary to sections 7-5(2) and 7-5(3)(b) of the Rules.

  2. Ms. Chiang, in her capacity as the managing broker for Oakwyn Property Management, committed professional misconduct within the meaning of section 35(1)(a) of the RESA, when she failed to: 
    1. ensure that the brokerage prepared and maintained monthly bank and trust liability reconciliations, trust liability listings, and monthly general ledgers as set out in paragraph 1(a); and
    2. promptly, if at all, respond to the Council’s repeated requests following the 2017 Audit between August 2017 and August 2018, for the brokerage to provide the Council with:
      1. copies of the monthly bank reconciliations for the rental property management trust account rental security deposit trust account and the general operating account for each individual month from May 2017 through to June 2018;
      2. copies of the trust liability listings for the rental property management and rental security deposit trust accounts from May 2017 through to June 2018;
      3. copies of the trust liability reconciliations from May 2017 through to June 2018, and;
      4. copies of the monthly general ledgers trust accounts and the general operating account from May 2017 through to June 2018,

        contrary to sections 3-1(1)(a) and(b), 3-1(3)(a) and (b), and 2-19 of the Rules, and section 6(2)(b) of the RESA [managing broker responsibilities].

RESULTS

A discipline committee of the Council has ordered, and Oakwyn Property Management Ltd., Arlene Christina Chiang, and Arlene Chiang Personal Real Estate Corporation, have agreed to the following penalties:

  1. a discipline penalty of $20,000;
  2. enforcement expenses of $1,500;
  3. an audit of Oakwyn Property Management Ltd.; and
  4. successful completion of the Broker’s Remedial Education Course by Ms. Chiang.

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: July 17, 2019
LENGTH OF PUBLICATION ON WEBSITE: 5 years