A Vancouver realtor is fuming at what he sees as the lack of discipline meted out to a colleague caught breaching professional standards.
Speaking on CKNW’s Steele and Drex, Keith Roy said punishments handed out by the Greater Vancouver Real Estate Board (GVREB) need to be released in order to end bad practices by realtors.
“I would think that everybody should be allowed to see that, but the board has consistently said that we should not be publishing these decision for the public. I have access to a whole bunch of discipline decisions that would fascinate the public.”
LISTEN: We’re still not seeing serious fines for realtors who break the rules and mislead their clients
Roy’s comments come after it was revealed that the council handed New Coast Realty realtor Jordan Guo a 45 day suspension and $8,000 in fines for representing both buyer and seller on a sale, and advertising properties without their owner’s approval.
He will also have to complete a real estate remedial education course and will be under direct supervision of a managing broker for a year.
Roy applauds the Real Estate Council of B.C. for publishing its disciplinary actions even though punishments handed out by the GVREB are generally costlier.
“The [GVREB] fine maximum has gone from a $10,000 fine per infraction to $30,000, which is a good move,” he said.
“It’s well above the other real estate boards in the country. The Greater Vancouver board is a leader on this issue in terms of the size of the fine.”
WATCH: B.C. government announces rules to end shadow flipping
Last year, the province took steps to reform regulatory oversight in B.C.’s real estate industry, after multiple reports of shady practices, including so-called “shadow flipping” and “double ending,” where an agent acts for both buyer and seller.
Following a review by an independent panel, the province ended the self-regulation of the real estate industry and began reviewing 28 recommendations including new fines of up to $250,000 and banning double agency.
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