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BC realtor who let buyer move cash into her own bank account gets suspension and fine

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Eric Zimmer May 29, 2019 5:30 pm 295

The Real Estate Council of British Columbia (RECBC) has found that a Richmond-based realtor committed professional misconduct and “failed to act honestly and with reasonable care and skill” in her handling of a home sale in Chilliwack.

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The decision, posted this past week, relates to the sales transaction of a home on Yale Road, in March of 2015.

During the sales process, Yan (Isabel) Wen, an agent with Regent Park Fairchild Realty, signed a contract without the buyer knowing, helping them avoid federal rules regarding financial disclosure.

“She knowingly assisted the Buyer to avoid the application of the rules and requirements established by the Financial Transactions and Reports Analysis Centre of Canada by allowing the Buyer to transfer money directly to her personal bank account in Canada,” the decision states.

Yen received the Buyer’s deposit monies in her personal bank account by wire transfer but “failed to deliver those monies to her brokerage,” the decision adds.

She also failed “to keep her managing broker informed of the real estate services being provided and the other activities being performed by her on behalf of the brokerage, and failed to notify her managing broker that she was signing replacement pages in the contract without the required authorization in writing from the Buyer and that she had received the Buyer’s deposit monies in her personal account by wire transfer without transferring them promptly to the Brokerage.”

As a result her actions, Yen received a suspension of 270 days (from May 22, 2019 to February 22, 2020, inclusive), and was fined $7,500.

She will also be required to successfully complete the REIC2600 Ethics in Business Practice Course.

Finally, the RECBC said Wen’s licence “shall include a condition requiring enhanced supervision by a managing broker for a period of not less than 12 months following the end of her suspension period.”

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