B.C. realtor sanctioned for not understanding meaning of word 'loan'
A Vancouver realtor has been found guilty of professional misconduct and conflict of interest after loaning a friend $50,000 to buy a property, then claiming it wasn’t a loan.
Wie (Vicky) Wang has been licenced since 2011 and owned Vicky Wang Personal Real Estate Corporation, since 2013.
On Oct. 10, 2017, a client filed a complaint against her, alleging Wang failed to provide a 55% commission rebate on two properties the client bought. The client also alleged Wang collected rental payment cheques that she did not deposit on time.
But the core of the ruling by the BC Financial Services Authority was around the fact that Wang loaned the buyer $50,000 in order to make a deposit on the property, then said it wasn’t a loan.
In June 2016, the client agreed to buy a Vancouver property for almost $1.7 million and provide a deposit of $90,000.
The client paid $40,000 of that but the other $50,000 came from Wang’s account, the ruling says. The receipt record states that she was “loaning to the buyer temporarily.”
During the hearing, Wang argued she had used the word “loaning” incorrectly and had not received any interest on the money.
The client, however, confirmed that the money was a loan.
“I didn’t have the deposit ready at the time and was hesitant on the purchase but (Wang) offered to help by lending (me) 50,000 Canadian dollars,” they wrote.
Wang also confirmed, in writing, that she provided the money to the client, who had been a friend for eight years.
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The client went back to China and, after a number of requests, repaid the $50,000 to Wang, prior to the completion of the purchase.
“When asked what she would call the $50,000 towards the (property) deposit, if it were not described as a loan, Ms. Wang indicated that she did not know, though she subsequently suggested that one could consider it to be a gift,” the ruling said.
The agreement was verbal and, Wang said, she had no intention of being paid any interest on the money.
She also said since she provided the money only after the offer to purchase was made, her actions were not a conflict of interest.
In the end, Andrew Pendray, chief hearing officer, ruled Wang did commit professional misconduct in providing the loan and that she was in a conflict of interest and failed to notify the client of that conflict.
The ruling says that further hearings are needed before a decision can be made on what sanctions will be imposed on Wang.
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