Consent Order

A discipline committee of the Real Estate Council of British Columbia (the “Council”) accepted the Consent Order Proposal submitted by Coldwell Banker Universe Realty and found that Coldwell Banker Universe Realty committed professional misconduct when the brokerage failed to:

1. prepare a trust liability listing for the brokerage trust account for December 2018 in a timely fashion and within 5 weeks of the end of the month;
2. accurately prepare the May 2018 to December 2018 reconciliations of banking statements for the brokerage trust account, such that the reconciliations of banking statements for May 2018 to December 2018 recorded four “miscellaneous outstanding transactions” which should not have been recorded;
3. accurately prepare the May 2018 to December 2018 reconciliations of banking statements for the commission trust account, such that the reconciliations of banking statements for May 2018 to December 2018 recorded five “miscellaneous outstanding transactions”, which should not have been recorded; and
4. reconcile the general bank account between May 2018 and December 2018.

Results

A discipline committee of the Council has ordered, and Coldwell Banker Universe Realty has agreed to, the following penalties:

1. a discipline penalty of $10,000;
2. enforcement expenses of $1,500; and
3. at its own expense, undergo an audit by the Council, to confirm Coldwell Banker Universe Realty’s compliance with the RESA and the Rules made under RESA.