The Real Estate Council of Alberta (RECA) has suspended the licence of Edmonton-based realtor Terry Paranych for three months.
Paranych is also ordered by the RECA to pay fines and costs totaling $96,000 and must take a real estate course, along with completing all related exams. He must also remove all signage and advertising.
The suspension and fines come after RECA’s hearing panel found Paranych “made representations or carried on conduct that was reckless or intentional and that misled or deceived any person or was likely to do so on at least 14 occasions.”
The panel also found Paranych “directly or indirectly, advertised, communicated or offered an incentive that was not provided by and on behalf of the brokerage with which he is registered.”
Paranych was also found to have engaged in conduct that undermines public confidence and integrity in the industry on at least five occasions.
In a statement to Global News, Paranych said he “doesn’t agree with the decision but respects it.”
“Five years ago, the Real Estate Council of Alberta began combing through every advertisement and website that I placed over a 10-year period. In their review of thousands of ads and website pages, they found 20 instances where my advertising did not meet their standards,” Paranych said.
“I have decided that it is simply too expensive to continue to defend myself against what I believe to be an egregious fine and an effort to make an example to our industry. I am pleased to put this investigation behind me. I am proud of the thousands of customers and agents I have worked with and represented over my 25-year real-estate career.”
Paranych also said he would act as an adviser to the Paranych real estate team during his suspension and said he plans to return to real estate once the suspension is lifted.
Paranych must complete all the requirements of the real estate council before he can trade real estate again. He was most recently registered with Excellence Real Estate Edmonton Ltd.
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