BCFSA suspends and fines real estate licensee for unlicensed activity

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BC Financial Services Authority (BCFSA) has suspended the real estate licence of Clarence Ho Yin Yip and fined him $40,000, plus enforcement expenses, after determining that he committed professional misconduct and conduct unbecoming a licensee in contravention of the Real Estate Services Act (RESA), while providing property management services for two properties in Vancouver, B.C.

From November 2014 to September 2019, Yip began providing property management services for a property in Vancouver. Although licensed to provide property management services at several brokerages during that time, Yip failed to advise the brokerages that he was managing the property as required under RESA. Yip also failed to utilize the brokerage trust accounts while collecting rents and receiving renumeration for his services.

Starting in July 2017, Yip began managing at a second property in Vancouver. As with the first property, Yip managed the property outside the supervision of the brokerage where he was licensed and failed to deposit rents in the brokerage trust accounts.

Yip continued to provide property management services for the second property until January 2022. This included two periods—May 15 to June 7, 2020, and November 11, 2020, to August 19, 2021—during which Yip was unlicensed and not permitted to provide property management services. In addition, from August 2021 to January 1, 2022, while licensed only to provide trading services, Yip provided property management services for the property.

Yip’s actions in managing the two properties contravened sections 3(1), 7(3), and 27(1) of RESA. BCFSA also found Yip committed conduct unbecoming a licensee when he asked the owner of the second property not to disclose his involvement in managing the property to an employee of his brokerage.

Under the terms of a consent order, Yip is required to pay a $40,000 disciplinary penalty and $7,595 in enforcement expenses to BCFSA and must register for and successfully complete the Ethics – Professionalism and Principles in Practice course at his own expense. Yip’s licence has been suspended for 90 days.