These conditions include the appointment of a Council-approved managing broker who will be solely able to carry out training sessions and supervision. The managing broker will also supply monthly reports to include transactions, trust accounts and complaints.
"There are a significant number of buyers and sellers with transactions in progress at the brokerage. Those consumers have contractual obligations that they must meet, and the Council does not wish to impede the transactions. The conditions that have been agreed to with the brokerage will ensure that those transactions are able to proceed, and that the appropriate controls and oversight will be in place", said Robert O. Fawcett, the Executive Officer of the Council.
The BC Real Estate Council will also carry out quarterly audits of New Coast Realty to ensure that it is complying with the regulations.
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The BC Real Estate Council has imposed licence conditions on a Vancouver-area brokerage following allegations that it has breached the Real Estate Services Act. The brokerage, named by the Council as New Coast Realty, was the subject of a Globe and Mail report and following the Council’s initial investigation a number of conditions will apply to the brokerage.