British Columbia real estate agent faces $55,000 fine for professional misbehavior.
Real estate agent Rui Liang, also known as Rena Liang, has copped to two instances of misconduct related to her personal affairs, resulting in a massive fine from British Columbia's regulatory body. The juicy details are revealed in a consent order agreement that went public last week.
Liang and her corporation, RL PREC, agreed to cough up a hefty $55,000 in penalties to the B.C. Financial Services Authority (BCFSA). The fine includes a $50,000 administrative penalty and $5,000 to cover enforcement expenses.
According to the consent order, a $5-million mortgage was erroneously registered against a Vancouver property in favor of RL PREC in February 2019. The actual intended amount was supposed to be $500,000 - a "spousal loan" to Liang's common-law spouse, Peter Ho Chiu Chu. This wasn't the only issue - by allowing the mortgage to be registered in favor of RL PREC, Liang and her corporation violated the Real Estate Services Act, which prohibits PRECs from conducting any business other than real estate services and ancillary services directly associated with them[1].
The other misconduct Liang admitted involved her relationship with Chu as well. Chu has been the owner of 168 Rock Solid Homes since 2008, and the company started providing rental property management services around 2012, despite not being licensed to do so. Liang knew about this but didn't bat an eyelash, even directing a successful applicant for a rental home in West Vancouver to get in touch with Chu, who was managing the property[2]. This constitutes facilitating or supporting unlicensed property management, which is considered conduct unbecoming under the Real Estate Services Act[3].
Liang also agreed to complete the Real Estate Trading Services Remedial Education Course at UBC's Sauder School of Business as additional punishment[2]. It's worth mentioning that Liang and her corporation have no prior disciplinary history with the BCFSA[2].
So, Liang has taken a substantial financial hit for her transgressions. Let this serve as a reminder that nobody is above the law, not even real estate agents!
[1] https://www.ohsbc.ca/sites/default/files/2022-06/BC-Financial-Services-Authority-Real-Estate-Services-Act-violations-and-penalties-enrichment-data.pdf[2] https://globalnews.ca/news/9060523/b-c-real-estate-agent-fine-misconduct/[3] https://www.bcrea.bc.ca/realestatemag/2022/06/b-c-real-estate-agent-fined-50k-for-conduct-unbecoming-academic-censure/
- Despite having no prior disciplinary history, real estate agent Rui Liang, also known as Rena Liang, was fined $55,000 for misconduct involving real estate services and business operations, as her corporation, RL PREC, improperly managed a mortgage and facilitated unlicensed property management.
- The Fine raised from this incident serves as a stark reminder to all in the real estate business, that regardless of one's standing, adherence to the rules in financing, investing, and business dealings, especially in real estate, is essential.
