Paul Liberatore

Paul: 604-788-0463 |

Categories

Interim report on real estate licensee misconduct expected in mid-April

Interim report on real estate licensee misconduct expected in mid-April
 

Carolyn Rogers, the Superintendent of Real Estate and the CEO of the Financial Institutions Commission, was appointed last week by the Real Estate Council of B.C. to look into allegations of “shadow flipping,” in which some real estate agents are using a little-known “assignment contract” to secretly flip properties for higher prices without the knowledge of their listing clients.

 

The Real Estate Council of B.C. and the B.C. Financial Institutions Commission have appointed a powerful advisory committee to look into allegations of real estate licensee misconduct. Drawing deeply on the leaders of the B.C. Securities Commission, Central 1 Credit Union, Society of Notaries Public and others, the advisory committee has set a deadline of mid-April for an interim report and the end of May for a final report with recommendations.

Carolyn Rogers, the Superintendent of Real Estate and the CEO of the Financial Institutions Commission, was appointed last week by the Real Estate Council of B.C. to look into allegations of “shadow flipping,” in which some real estate agents are using a little-known “assignment contract” to secretly flip properties for higher prices without the knowledge of their listing clients.

The practice, which was detailed in a Globe and Mail report, is believed to be one of the contributing factors in Vancouver’s hot real estate market, particularly in Vancouver’s west side. Premier Christy Clark said her government is prepared to change the rules but wanted to give the Real Estate Council time to act on its own.

In a statement Monday, Rogers said the advisory committee will look at whether real estate licensee conduct requirements are adequate and are being effectively enforced.

“As Chair of the Advisory Group, I want to assure the public that we understand their concerns and we’re determined to provide a report that puts consumer protection first,” Rogers said in a statement.

Rogers named six people to her committee, including Vancouver lawyer Howard Kushner, Central 1 Credit Union President and CEO Don Wright, B.C. Securities Commission commissioner Audrey T. Ho, Vancouver lawyer Bruce D. Wooley of Stikeman Elliott, Century 21 Veitch Realty associate broker Carol Geurts, Condominium Home Owners Association of B.C. executive director Tony Gioventu, and Ron Usher, the general counsel for the Societies of Notaries Public of B.C




Comments:
No comments

Post Your Comment:

The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.