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Message to Licensees: Conditions Issued for New Coast Realty
Council Issues Licence Conditions For New Coast Realty
Licence conditions have been issued by the Real Estate Council of BC for New Coast Realty to ensure the brokerage complies with the Real Estate Services Act and to establish appropriate oversight of the brokerage.
Recently the Council learned of a tape recording containing statements of potentially serious violations of the Real Estate Services Act, and commenced an investigation using all the measures available to it to collect the evidence needed to ensure that the public interest was protected.
Earlier this week, the Council’s investigators met with the owner of New Coast Realty and its legal counsel, who are cooperating with the Council’s investigation. The brokerage has provided the Council’s investigators with the tape recording made at the brokerage, and the Council has now had the opportunity to review the evidence, and has imposed a number of conditions to establish appropriate oversight and protect consumers. New Coast Realty has agreed to these conditions.
The licence conditions include:
- appointment of a managing broker approved in advance by the Council;
- training sessions are to be conducted by only the managing broker;
- licensee supervision is to be conducted directly by only the managing broker;
- monthly reports to be submitted by the managing broker to the Council on any in-house transactions, trust accounts, transactions involving licensees personally, activities of unlicensed assistants, and any complaints received by the brokerage;
- approval of account signing authorities by the Council;
- provision to the Council of trade records relating to assignments and commission bonuses;
- retention of copies of all offers received for a property for inspection by the Council.
The Council will conduct quarterly audits of the brokerage. Should the Council find non-compliance with the conditions or any other aspects of the Real Estate Services Act, the Council will take such further action as it considers necessary. The specific wording of the conditions will be finalized and published early next week.
“There are a significant number of buyers and sellers with transactions in progress at the brokerage. Those consumers have contractual obligations that they must meet, and the Council does not wish to impede the transactions. The conditions that have been agreed to with the brokerage will ensure that those transactions are able to proceed, and that the appropriate controls and oversight will be in place”, said Robert O. Fawcett, the Executive Officer of the Council.
Any consumers with concerns about transactions at New Coast Realty should contact the Council at info@recbc.caor 604-683-9664.
This information is provided to you by the Real Estate Council of British Columbia (RECBC).
Your feedback is always welcome and can be sent to info@recbc.ca.
