Oromocto Real Estate Agent Loses Licence
SAINT JOHN–Following an investigation into wrongdoing, New Brunswick’s Financial and Consumer Services Commission (FCNB) cancelled the licences of K. Walter Moore and Town & Country Market Realty Ltd. (TCMR) in Oromocto.
The FCNB says that Moore breached the Real Estate Agents Act, including improper use of a trust account by failing to deposit monies directly into trust, and the withdrawal of trust funds to pay operating expenses.
The FCNB says Moore had an opportunity to be heard in December but failed to attend the hearing. The company must take down its website and advise the FCNB of all its outstanding listings or closings. Neither TCMR nor Moore is entitled to apply for a new licence for at least one year, although both have the opportunity to appeal the decision.
“The Real Estate Agents Act is very clear on the obligations surrounding trust funds, and the Commission’s role is to protect consumers by ensuring compliance with the act,” said Rick Hancox, Chairman of the FCNB.