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LICENSEE: Jacob Giesbrecht Siemens
CURRENT BROKERAGE: eXp Realty of Canada, Inc. dba. eXp Realty, Chilliwack
BROKERAGE AT TIME OF SANCTIONED ACTIVITY: 0808509 BC Ltd. Dba Sutton-Showplace Realty (2015)
DATE OF DECISION: October 2, 2019


 

SUMMARY

The Discipline Committee of the Council has found that Mr. Siemens committed professional misconduct, when, in his capacity as a managing broker, and in relation to the 2014 listing of a property located at XXXX Humphrey Road, XXXXXXX, B.C. (the “Property”), he:  

  1. suggested to the listing agent for the Property, Mr. E, that he provide a loan (the “Loan”) secured by a mortgage against the Property to his client, so that she could continue with construction on the Property;

  2. failed to properly advise Mr. E that the Loan could place him in a potential conflict of interest and to take reasonable and appropriate steps to avoid any conflict of interest; and

  3. failed to ensure that Mr. E documented the terms of the Loan before agreeing to pay the construction invoices and that Mr. E advised his client to seek independent legal advice about the Loan, the promissory note and the second mortgage that was to be registered against the Property.

RESULTS

The Discipline Committee will make a Decision and Order with Respect to Penalty at a later date.

CONTRAVENTIONS

Real Estate Services Act

Real Estate Rules


DECISION: Full liability decision available as a PDF and through the Canadian Legal Information Institute
POSTED ON: October 16, 2019