Disciplinary Hearing

Published on 16 October, 2019

Women reading notebook with computer
Licensee
Jacob (Jake) Siemens
Current brokerage
eXp Realty
Brokerage at time of sanctioned activity
eXp Realty
Disciplinary Hearing date
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

  • 3-1(1)(b) [ensure business of the brokerage is carried out competently] Read more
  • 3-3(a) [act in best interest of client] Read more
  • 3-3(d) [advise client to seek independent professional advice on matters outside expertise] Read more
  • 3-3(i) [take reasonable steps to avoid a conflict of interest] Read more
  • 3-3(j) [fully disclose the conflict to the client] Read more
  • 3-4 [Duty to act honestly with reasonable care and skill] Read more