Under TRESA, what disciplinary action can RECO take against a real estate professional who fails to maintain proper trust account records?
Correct Answer
C) Suspend or revoke their license and impose fines up to $50,000
Under TRESA, RECO has broad disciplinary powers including the ability to suspend or revoke licenses and impose administrative penalties up to $50,000 for serious violations such as improper trust account management. These significant penalties reflect the importance of protecting client funds and maintaining public confidence in the industry.
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