Call to crack down on unethical agents

Call to crackdown on unethical agents


  • [FONT=DobraSlab-Book]Warning! Fake client trying to lure agents to properties]([/FONT]
    [FONT=open_sansregular]Industryleaders are cautioning agents working Toronto’s west end, warning them about a seeminglyideal client intent on luring them to vacant properties.[/FONT]
  • [FONT=open_sansregular][FONT=DobraSlab-Book]Controversial online brokerage shuts down]( [/FONT]
    [/FONT][FONT=open_sansregular]Fourmonths after having its hand slapped by TREB, this online brokerage is closingits doors.[/FONT]
    [FONT=open_sansregular]Following a CBC Marketplace investigation aboutunethical real estate practices, one association is stricter punishment forthose who violate the agent code of ethics.

In a letter to the CEO of RECA, the Ontario Real Estate Association shared itssupport for the regulator’s investigation into unethical real estate practicesfollowing a[/FONT]
[FONT=open_sansregular] CBC hiddencamera investigation.

However, it’s calling for stricter punishment.

“OREA strongly condemns the actions of any real estate professional whoknowingly behaves in an unethical manner in violation of REBBA and its Code ofEthics[/FONT]
[FONT=open_sansregular],” the letter, signed by OREA President Ray Ferrisand CEO Tim Hudak, says.[/FONT]
[FONT=open_sansregular] “It is ourcontention that a stronger system to punish this bad behaviour is critical toensuring that this type of behaviour not only doesn’t persist,[/FONT]
[FONT=open_sansregular] but thatthose who insist on engaging in this type of behaviour be deprived of theprivilege of being part of the real estate profession.”

The CBC segment, which aired in late 2016, investigated double-ended dealswhere agents represented both the buyer and the seller of homes on the GreaterToronto Area.

Representing both sides of the transaction allows agents to use their knowledgeof both parties to give an advantage to of one of those clients.

Such deals are in contravention of the Real Estate and Business Brokers Act(REBBA).

“Consumer confidence in the real estate industry is critical to a stable marketand a lack of consumer trust and confidence[/FONT]
[FONT=open_sansregular] in theregulator’s enforcement of the rules could negatively affect a consumer’sdecision to utilize the services of a registrant,” [/FONT]
[FONT=open_sansregular]the letter says. “Ontario realtors and consumersrightfully have an expectation that RECO would have immediately investigated[/FONT]
[FONT=open_sansregular] this matterand appropriately disciplined those who violated the rules thereby sending avery strong message to both registrants[/FONT]
[FONT=open_sansregular] and thepublic that such behaviour shall not be tolerated.”

[FONT=open_sansregular]Justin da Rosa](| 01 Mar 2017, 08:15 AM [/FONT]
[FONT=open_sansregular]Following a CBC Marketplaceinvestigation about unethical real estate practices, one association is urgingthe regulator to punish those who violate the agent code of ethics [/FONT]

Many offices and REA’s here in the states are requiring that home buyers get pre-qualified before the REA’s from that office show houses to that home buyer. This sorts out some of the rift-raft. Why the REA’s do not do this for home inspectors is a mystery.

All HI licensing does is to allow cheap, low cost non-alarmist HI’s into the REA offices, by law. It is all reverse to the way it should be. Lawmakers better look hard into the ones who push laws into play.

Interesting thanks Gary

If you do that your gonna need a bigger jail. :stuck_out_tongue:


Although this is rarely done, this also happens in Quebec. Real Estate REA, or Real Estate Brokers in my province acting as; the purchasing and vendors agent (broker). Mostly relatively newer agents (brokers), with few years of experience, trying to make their mark by selling homes that require MUCH WORK to, “the most vulnerable home buying sector” of the population, native immigrants of shared origin.

I have meet several of these real estate brokers that openly admitted to me they were acting as both, “the buyers agent (broker)” on behalf of the purchaser, and “the seller’s agent (broker)” when I asked them who do you represent.

It is a tactic used to;
(1) insure all the sales commision goes to them.
(2) Insure they see “the home inspection report” and share it with all parties.
As well, the Real Estate company they work for likely knows this tactic breaks ethical confidentiality rules between the vendor and purchaser.

I know much water passed under the bridge as Ontario home inspection associations were discussing what may bring regulation to their industry but has any one association being enlightening their MMPs on this matter? :roll:

Thanks Roy.