Woman fined $50K for unlicensed property management in Vancouver
B.C.'s real estate services regulator has suspended a woman from the industry for 30 days and imposed $50,000 in penalties for her misconduct in managing a rental agreement for a client.
Tian Ying Pu was registered as a "trading services representative" under B.C.'s Real Estate Services Act in October 2016, when the misconduct began, according to a consent order published on the BC Financial Services Authority website Wednesday.
At that time, Pu was approached by the wife of a man she had represented in the purchase of a Vancouver home in August 2015. The woman asked Pu to help her find a tenant for the property.
The consent order has been redacted to remove the names of the homeowner and his wife, as well as the specific address of the property.
WHAT HAPPENED
Pu agreed to help rent the property, but did not provide a written agreement for the rental management services she would provide, according to the order.
She advertised the home for rent on Craigslist and showed the property to potential tenants, eventually renting it for $2,500 per month for a one-year term beginning Nov. 1, 2016.
"The rental agreement indicated that Ms. Pu was the landlord and Ms. Pu signed it as the landlord," the order reads.
Pu also paid out the security deposit to a previous tenant, paid for the re-keying of the property's mailbox, and paid property taxes to the City of Vancouver for the home in 2017.
"From October 2016 through December 2017, Ms. Pu did not provide the rental agreement or (the tenant's) contact information to the owner or the complainant (his wife)," the order reads.
According to the document, Pu kept the tenant's security deposit and monthly rent payments in her personal bank account, and did not remit any funds to the owner of the property between November 2016 and February 2017.
After that date, she paid a total of $12,500 to the owner – the equivalent of five months' rent – during the seven-month period from March to September 2017, according to the consent order.
"Between March 2017 and November 2017, the complainant made repeated inquiries about the rental funds that had not been remitted to the owner," the document reads.
The homeowner's wife made her complaint to the BCFSA in December 2017. She also contacted the brokerage for which Pu worked to complain about the lack of payment.
"Prior to the complaints, the brokerage was unaware of the rental property management services she was providing for the owner," the consent order reads.
"Further, at no point did Ms. Pu deliver to the brokerage any of the rental funds she had collected."
THE MISCONDUCT
The consent order describes Pu's behaviour as a few different types of misconduct.
First, she provided services she was not licensed to provide as a trading services representative for her brokerage.
Second, she provided those services "separate and apart from" her brokerage, and failed to deliver money she received for those or through services to the brokerage.
Third, she failed to obtain written authorization to sign the rental tenancy agreement with the tenant on behalf of the owner of the property.
And fourth, she "intentionally failed to account for or pay over, within a reasonable time, the money she received that belonged to the owner."
Under the consent order, Pu agrees that this was misconduct and proposes various penalties for the BCFSA to impose on her as a result of it.
THE PUNISHMENT
The order calls for a 30-day suspension of Pu's licence and prohibits her from acting as an unlicensed assistant during the suspension period.
It also requires her to pay a $45,000 fine to the BCFSA within three months of the order's approval.
Pu must also pay $5,000 in "partial enforcement expenses" to the BCFSA, and she is required to take two courses: the Real Estate Trading Services Remedial Education course provided by UBC's Sauder School of Business and the BCFSA Ethics for the Real Estate Professional course provided by the Real Estate Institute of Canada.
"If Ms. Pu fails to comply with any of the terms of the order set out above, the Superintendent (of Real Estate) may suspend or cancel their licence without further notice to them," the order concludes.
CTVNews.ca Top Stories
NEW From yearning for a change to cost of living, why some Canadians have left or may leave the country
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
NEW Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.
Defence attacks Stormy Daniels' credibility as she returns to the stand in Trump's hush money trial
Stormy Daniels will return to the witness stand Thursday in Donald Trump's hush money trial as the defence tries to undermine the credibility of the porn actor's salacious testimony about their alleged sexual encounter and the money she was paid to keep quiet.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Florida deputies who fatally shot U.S. airman burst into wrong apartment, attorney says
Deputies responding to a disturbance call at a Florida apartment complex burst into the wrong unit and fatally shot a Black U.S. Air Force airman who was home alone when they saw he was armed with a gun, an attorney for the man's family said Wednesday.
Air Canada ranks near bottom on customer satisfaction: survey
Air Canada ranks below most other major North American airlines on customer satisfaction, with airfares a particular sore point, according to a new survey.