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Unacceptable conduct must stop!

Tuesday, December 13, 2016 Written by Emmanuelle in Real Estate industry

You have certainly heard about this video which has circulated over internet and in the media.

I wanted to share with you my thoughts regarding such unethical practice that some real estate agents do on a daily basis.
I will never repeat enough how important it is to be careful on whom you choose to be your Real Estate Agent in such a big transaction. Trust is key.
 
Here is the video that shows unacceptable conduct:
https://www.youtube.com/watch?v=xs1JnqW5J4o

Real estate agents break rules
An investigation by CBC Marketplace reveals some real estate agents are breaking the rules in an effort to double their sales commission Click here for the full story ...


Here are the rules :

These practices are a clear breach of Real Estate and Business Brokers Act, 2002 and the Code of Ethics. Engaging in this sort of behaviour undermines consumer protection, consumer confidence, and puts the reputation of the real estate profession at risk.
This behaviour is also contrary to two of our most important regulations:

  • A registrant shall treat every person the registrant deals with in the course of a trade in real estate fairly, honestly and with integrity (Code of Ethics, Section 3).
  • A registrant shall promote and protect the best interests of the registrant's clients (Code of Ethics, Section 4).

Depending on the circumstances, an individual who engages in unethical behaviour could receive fines up to $25,000. For particularly severe cases, RECO could revoke their registration.
If any broker or salesperson is engaging in questionable practices, their Broker of Record and the brokerage's owner should put a stop to it. If they don't, the Broker of Record could also face disciplinary sanctions.
 
As a conclusion, multiple representation can arise in two circumstances:
Buyer and Seller have a Realtor in the same Brokerage, or Seller and Buyer have the same Realtor and thus in the same brokerage.
I, as a Realtor, will never represent a Buyer and a Seller in the same transaction, even though I could from a legal standpoint. Your Trust is key to me.