RECO Fine: $500/minute

$500 Per Minute Fine for Breaking and Entering

Relatively, that’s a very light fine for breaking and entering which is a Criminal Offence.

In this case, it was a RECO fine against an Agent who released the lockbox code to his clients. They had arrived before him at the house. It was 31 January 2016 and I presume it was cold outside. He released the combination to the lockbox and the clients were able to retrieve the key and enter the house.

They were only there for 5 minutes, alone, before he arrived.

Those 5 minutes cost the Agent $2,500.00 or $500 per minute. It’s lucky we’re not talking about a half an hour, or that would be $15,000.00

Decision

The transgressions were summarized as the flowing breaches:

The Agent breached the following sections of the Code of Ethics:

Conscientious and Competent Service, Etc.

5 A registrant shall provide conscientious service to the registrant’s clients and customers and shall demonstrate reasonable knowledge, skill, judgment and competence in providing those services.

With respect to Unethical Practice only:

Error, Misrepresentation, Fraud, Etc.

38 A registrant shall use the registrant’s best efforts to prevent error, misrepresentation, fraud or any unethical practice in respect of a trade in real estate.

Unprofessional Conduct, Etc.

39 A registrant shall not, in the course of trading in real estate, engage in any act or omission that, having regard to all of the circumstance, would reasonably be regarded as disgraceful, dishonourable, unprofessional or unbecoming a registrant.

COMMENT

So, the rule would seem to be clear: don’t assist others (particularly your own clients) to break into people’s houses.

You do not have permission to release the key to anyone.

You have to be there, or a registered person with your company.

Be there 5 minutes early, that way you’ll be “on-time”.

Don’t arrive 5 minutes late, everyone is going to be annoyed.

Release the lockbox code and pay $500.00 per minute (that’s expensive!)

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

Leave a Reply

Your email address will not be published.