Real estate broker's registration revoked for deliberately misleading an investor about land value and falsifying renewals.
The appellants, a real estate broker and her corporation, appealed a proposal by the Registrar to revoke their registrations under the Real Estate and Business Brokers Act, 2002.
The Tribunal found that the broker, along with her partners, deliberately misled an investor regarding the purchase price and value of development lands to secure financing while retaining a disproportionate equity share.
The Tribunal also found that the broker provided false answers on her registration renewal applications by failing to disclose her involvement in the development business.
Concluding that the broker failed to accept responsibility and that her conduct afforded reasonable grounds to believe she would not carry on business with honesty, integrity, and in accordance with the law, the Tribunal dismissed the appeal and ordered the Registrar to carry out the proposal to revoke the registrations of both the broker and her corporation.
OLATOntario Licence Appeal TribunalOct 17, 2014
