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BC Financial Services Authority (“BCFSA”) has issued penalties against Tian Ying Pu for providing rental property management services without a licence to do so, contrary to the Real Estate Services Act (“RESA”).
Pu has been ordered to pay the following:
- A discipline penalty in the amount of $45,000; and
- Enforcement expenses of $5,000.
Pu’s trading services licence has been suspended for 30 days, during which she also cannot act as an unlicensed assistant. Additionally, Pu must successfully complete two courses at her own expense: Real Estate Trading Services Remedial Education and BCFSA’s Ethics for the Real Estate Professional.
BCFSA found that Pu committed misconduct from October 2016 to December 2018, when she did not obtain written authorization from a property owner to provide rental property management services in Vancouver, B.C., while also being unlicensed to provide these services as a trading services licensee, and without the knowledge of her brokerage. Services Pu provided include advertising the rental property to seek tenants, showing the property to potential tenants, and collecting rental funds. Pu collected the rental funds she received for the property in a trust account with her brokerage and failed to pay the property owner within a reasonable time.
Pu has no prior disciplinary history. Read the Consent Order for more details.
BCFSA protects the public by holding providers of real estate services to high standards of practice. To report a real estate-related concern, visit: Report a Real Estate Concern | BCFSA
BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).
Communications Manager, (778) 783-4057, [email protected]