Brekland Realty Group Subject to Suspension Order
Ontario Real Estate Source
By Brian Madigan LL.B.
It is indeed unfortunate that the Real Estate Council of Ontario (RECO), the governing body of the real estate profession has found it necessary to issue a suspension order.
Such an order causes difficulties for the 211 employed sales force and the clients.
Hopefully, the real estate profession will join together to provide assistance to the sales staff and their respective staff until permanent arrangements can be made.
The public is encouraged is contact RECO in the event that they have a transaction already booked.
Sales staff, being registered either as brokers or sales representatives may not “trade in real estate” until they have registered with another brokerage.
In the interim, I would encourage other registrants to assist any such brokers and sales representatives, as may be required, until they have found a suitable new brokerage.
This is a time to “rally the troops” and “pay it forward”. Whatever assistance is required by the newly displaced brokers and sales representatives, now “in limbo”, should be provided, “no strings attached”.
I am sure the entire industry wishes these brokers and sales representatives, the best and an opportunity to enjoy success in 2012.
Here is the public announcement as it appears on the RECO website; the issues are very serious:
“RECO freezes accounts and suspends registration of Brekland Realty Group
Consumer deposit insurance protection available to public
Thursday, Feb. 2, 2012 (Toronto
RECO has also charged the Mississauga-based real estate brokerage with failing to disburse trust funds in accordance with the terms of the trust.
REBBA 2002 requires all employees of a suspended brokerage to also be served with suspension orders. As a result, the brokerage and its 213 employees can no longer trade in real estate. The employees can apply to RECO for transfers to another brokerage.
“The suspension order and the charges relate to a significant shortfall of funds from the brokerage’s trust account. After RECO booked a routine inspection, it was revealed that a large sum of money was missing from the brokerage’s trust account,” said Registrar Allan Johnston.
Brekland Realty Group’s head office is located in Mississauga Mississauga Milton Oakville Oakville
REBBA 2002 allows an immediate suspension order to be used in circumstances where the Registrar considers it to be in the public interest.
“The investigation is ongoing and further charges may be laid,” added Johnston
Any home buyers or sellers who have representation agreements or deposits with Brekland Realty Group can visit www.reco.on.ca for further information. All real estate brokers and salespersons in Ontario
COMMENT
For the public: please contact RECO directly for any reassurance required.
For brokers and sales representatives: contact another registrant for assistance with any transaction, or if you are unsure or uncertain about such, then please do not hesitate to contact me and I will provide whatever assistance to you that I can.
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