Disciplinary Hearing

Published on 16 October, 2019

Women reading notebook with computer
Licensee
Jae Ryang Kim
Current brokerage
Hanna Realty Ltd.
Brokerage at time of sanctioned activity
Hanna Realty Ltd.
Disciplinary Hearing date
October 2, 2019

Summary

The Discipline Committee of the Council has found that Mr. Kim committed professional misconduct when, while acting as the agent for clients (the “Clients”), who were the sellers of property located at XXXX Klahanie Drive, Port Moody, BC (the “Klahanie Property”) and the buyers of property located at XXXX Princeton Avenue, Coquitlam, BC (the Princeton Property”) and with respect to the Clients’ offer to purchase a property located at XXXX Don Moore Drive, Coquitlam, BC (the “Don Moore Property”), he:

  1. prepared a Contract of Purchase and Sale on behalf of the Clients for the purchase of the Princeton Property that did not include a subject condition for the sale of the Klahanie Property;
  2. prepared the Contract of Purchase and Sale knowing the Clients’ offer exceeded the financing for which they had been pre-approved;
  3. offered to lend the Clients funds to meet their financial obligations concerning the purchase of the Princeton Property but later reneged on his offer;
  4. was instructed by the Clients on June 28, 2018 to request an extension on the completion date for the Princeton Property but failed to prepare an addendum and present it to the seller’s agent until July 31, 2018;
  5. failed to disclose, in writing, a substantive change in information that was required to be disclosed, when he reneged on his offer to waive his commission on the sale of the Klahanie Property; and
  6. enticed the Clients to make an offer on the Don Moore Drive Property by offering to lend the Clients funds to meet their obligations under the Contract of Purchase and Sale for the Don Moore Drive 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

  • 3-3(a) [act in best interest of client] Read more
  • 3-3(b) [act in the accordance with the lawful instructions of the client] 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
  • 5-8(1)(a) [disclosures must be in writing] Read more
  • 5-8(2) [disclosure of substantive changes to remuneration] Read more