A member of the public files a complaint with RECA against a licensed real estate professional. What is the typical process that follows?
Correct Answer
B) RECA investigates the complaint, may attempt resolution, and if warranted, may proceed to a formal discipline hearing where sanctions can be imposed
When RECA receives a complaint, it initiates an investigation to gather facts and evidence. Depending on the severity, RECA may attempt alternative dispute resolution or proceed to a formal discipline hearing. At a hearing, a panel may impose sanctions including fines, licence conditions, suspension, cancellation, education requirements, and costs.
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A licensee in BC discovers that their client may be using a real estate purchase to launder proceeds of crime. Under both RESA and FINTRAC obligations, what must the licensee do?
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