Under TRESA, what can RECO's discipline committee order against a broker found to have breached the trust account rules?
Correct Answer
D) Suspend or revoke the registration and fine up to $50,000
TRESA s. 21(3) lets the discipline committee order additional education, impose a fine, attach conditions, suspend a registration and, where the registrant is not entitled to registration, revoke it. Under s. 21(4) the maximum fine is $50,000 for a broker or salesperson and $100,000 for a brokerage. The Act's separate administrative penalty scheme, capped at $25,000, is not yet in force.
Why This Is the Correct Answer
This answer is correct because the discipline committee can suspend a registration, can revoke it where the registrant is not entitled to registration, and can impose a fine of up to $50,000 on a broker under TRESA s. 21(3) and (4).
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