**Real estate agents caught breaking the rules onMarketplace’s hidden camera ** Regulator says findings raise ‘grave concern’ **
Real estate agents breaking the rules: Marketplace hidden camerainvestigation
Attempting to buy a home in a red-hot market can make it feel like thedeck is already stacked against you. But if a real estate agent is behavingunethically, it could cost you tens of thousands of dollars — even the house ofyour dreams.
An investigation by CBC Marketplace reveals some real estateagents are breaking the rules in an effort to double their sales commission.
Using hidden cameras, Marketplace documented how some of the topreal estate agents in the Greater Toronto Area breached ethical and legal rulesaimed at protecting consumers.
The investigation looked at so-called “double-ended” deals,meaning the same agent represents both the buyer and the seller. Marketplacefound some agents would break the rules by offering unfair advantages topotential clients in an effort to secure both ends of a deal.
When an agent uses inside knowledge to tip the scales in favour of theirclients, it’s against the code of ethics established under the Real Estateand Business Brokers Act (REBBA), which requires that real estate agents actfairly and in the best interests of their clients.
The investigation looked at so-called ‘double-ended’ deals, meaning thesame agent represents both the buyer and the seller. (CBC)
But with bids kept secret, it’s hard to catch.
“There’s a lot of money at stake and corruption is just all overthe place,” says Josie Stern, a real estate agent who has practised inToronto for more than 25 years.
The typical amount an agent with double commission would earn, based onthe average Toronto home price, would be about $40,000.
Watch the Marketplace investigation for more hidden camera footage at 8:00 p.m. (8:30 p.m. NT) on Friday, Nov. 4 on TV and online.
Hiddencamera investigation
In the housing market, sellers and buyers are usually represented byseparate agents: a listing agent and a buying agent.
Throughout most of Canada, the same agent is allowed torepresent and negotiate on behalf of both parties, as long as it’sdisclosed to all parties involved in the transaction. The practice is calledmultiple representation or double-ending.
Alberta is the exception. While agents there can represent both sides ofthe deal, they are not allowed to negotiate for either side.
The problem? This creates the potential for conflict of interest,especially if the sale results in a bidding war.
It is a clear representation that corruption is going on! OREA knows about it and say that they are appalled…really! It is all about money …just as there are crooked Realtors there are crooked bankers, salesmen/women…oh and very relevant …Politicians!
Ontario needs to catch up with Alberta in several areas No double ending and Grand parent rights which has popped up in the news lately. In Ontario a Grandparent has no rights …but they want to pass legislation for a teacher to date a student…good grief!
C’mon Scott, North American governments are always behind the times. We’ve only just changed the rules to allow women to not be kicked off Committees and other political held positions for extended absence due to Maternity.
Interesting Len is so quick to offer his advice .
What is going on looks to me to be stealing and is wrong .
I think lens wife is an Real-estate agent .
Could this be why he is not complaining???
From what I saw many home owners are being shafted big time .
Respectfully Roy I don’t think you need to bring in anyone’s family member onto this MB. And NO she is not a REA
Sounds like a personal attack …I think an apology is in order!
** Bunk** you should talk about giving an apology you and your friends have posted much incorrect info about me .
It is you and your lying friends who should be apologising .
Re: agents caught breaking the rules
Quote:
Originally Posted by rcookehttps://nachi.cachefly.net/forum/images/2006/buttons/viewpost.gif Interesting Len is so quick to offer his advice .
What is going on looks to me to be stealing and is wrong .
I think lens wife is an Real-estate agent .
Could this be why he is not complaining???
From what I saw many home owners are being shafted big time .
Once again, you have shown your ignorance and intent to damage other people just to make yourself look good. You still claim to be “an Ambassador” for the Home Inspection profession but you continually drag it into the gutter.
Angie was actually an administrative assistant at Re/Max working on the front desk. She has never been a Realtor. She also hasn’t worked for them for nearly a year. She doesn’t work for any Realtor now.
As I said, you are WRONG. Once again your information has proved to be outdated, incorrect and misleading, because you are incapable of verifying your sources (which in this case is an outdated LinkedIn Profile)
Let this serve as another lesson to all inspectors why information on message boards should be taken with a pinch of salt. Verify everything.
Your obsession with wanting to attack another Member is getting to critical mass. Bringing in someone’s family members to incorrectly justify a post is a new low.
Why incorrectly?
… Admin from Re/max Niagara RealtyLtdbrokerage - Niagara Falls -154
Real Estate Admin: Generally an employee providing support functions to a Real Estate Brokerage - In simpler terms: She is a paid employee of the Brokerage - NOT a Real Estate Agent.
Another detail you missed…
It has been a long while she hasn’t worked for a Brokerage. The fact they did not update their information is irrelevant.
So once again: A baseless, incorrect attack filled false data.
Maybe now you need to correct your post and apologize towards the Lady who has nothing to do with your obsessive vengeance towards a group of Members, which is by the way: Well passed its best before date.
Best to correct this and move the thread back on track.
Good statement you can be sure Len follows this with many of his posts
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Thanks for your reply , I expect Remax is very pleased to see this post is on an open site so it shows up on Google .
I would appreciate you showing me where I made any errors in my post .
I posted to you a while back all your wounds are self inflicted ,
Love to see you are still doing it all the best . Roy
I am done you can continue with your self abuse alone .
and then compounded the slander by admitting you did it to ensure it was on Google
And even though you were shown where you made an error you still won’t admit fault, will you now publicly apologise to my Wife and offer a complete and unequivocal retraction of your inference that she, falsely accused by you as a Real-Estate Agent, is in someway involved with an illegal act?
Forget it Len …yesterday he called us liars…he won’t apologize for that or anything else as he feels that he and his group are beyond reproach …Not a man of respect!
And his abuse will carry on because it is ALLOWED on only this MB and we pay for our membership to come here and be abused …WHY! And Roy pays nothing to be a member and abuse everyone that doesn’t agree with his fanatical ideas. Something wrong here!
