B.C. realtor hit with a one year suspension and $150,000 in costs
Richmond realtor Wei Qing (Wendy) Yang has to pay the Real Estate Council of B.C. $150,000 and is banned from selling real estate for a year for committing multiple offences.
The penalties were imposed following a Real Estate Council of B.C. hearing last spring for a number of sales she was involved with in 2015 and 2016. The final disposition of the case was just released by the B.C. Financial Services Authority.
The offences include not cancelling a listing when requested by a seller, not telling clients who the members of her team were or who they were working for and not correctly disclosing how much commissions would be paid.
She also changed the listing price and closing date on one deal that was sold over the asking price and used a photocopied signature of a managing broker to do so.
At the time, Yang worked for New Coast Realty but is now with Metro Edge Realty.
The ruling also says that Yang attempted to take multiple listings with her when she went to Metro Edge Realty and misused her managing broker’s signature numerous times.
“Ms. Yang blamed others for matters that she was responsible for overseeing, and appeared to show a disregard for her responsibilities,” the Real Estate Council ruling states.
She did not try to profit personally from sellers whose listings she held, the ruling states.
“The (disciplinary) committee also accepts that the respondent only attempted to transfer listings that she or her team had sourced, and not listings resulting from leads provided by New Coast Realty,” the ruling states. “The committee does not, however, agree with the respondent’s counsel that no person suffered any harm. To the contrary, the respondent acted to secure financial benefit at the expense of New Coast Realty, even though her attempts were ultimately unsuccessful.”
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As well as being suspended as a realtor for a year, she cannot work as an unlicensed assistant during that time and she has to successfully complete a remedial education course and an ethics in business course.
The cost for the Real Estate Council to investigate the allegations and hold hearings was almost $225,000 but it chose to only charge $150,000, or about 65 per cent, to Yang.
“The Committee decided that this amount achieves the goal of shifting an appropriate portion of enforcement expenses to the respondent,” the ruling states.
After an appeal on the implementation date of the suspension, the Real Estate Council ruled that it was to start on Aug. 31.
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