By ThinkPol Staff
A Richmond, BC realtor who helped her daughter make a $205,000 profit flipping a house obtained while committing professional misconduct has been fined $5,000 and will face no licence suspension.
The Real Estate Council of BC found Angela Guo, also known as Xin Bo Guo, had failed to take reasonable steps to avoid a conflict of interest when she sold a Richmond property, for which she was the exclusive listing agent, to her daughter without disclosing to the client her relationship to the buyer[1]https://www.recbc.ca/2018/01/angela-guo/.
While the list price for the property was $1,388,000, Guo sold the property on Shepherd Dr to her daughter for $1,285,000 in January 2016, which the daughter flipped in April 2017 for $1,490,000[2]https://www.bcassessment.ca/Property/Info/QTAwMDA1WDhGQw==.
Guo, who is now with RE/MAX Crest Realty, was licensed with Metro Edge Realty at the time of the infraction.
The council ruled that Guo “committed professional misconduct within the meaning of section 35(1)(a) of the RESA”, by, among other things, “failing to take reasonable steps to avoid a conflict of interest by writing an Assignment of Contract of Purchase and Sale on behalf of the Assignee, her daughter” and “failing to promptly and fully disclose her Conflict of interest to the Assignor by not disclosing to the Assignor that she was related to and acting on behalf of the Assignee, her daughter”.
Guo is also required, at her own expense, to successfully complete the Real Estate Trading Services Remedial Education Course and pay enforcement expenses of $3,000.00 to the Council.
“As Ms. Guo has a personal real estate corporation, the licence of Angela Guo Personal Real Estate Corporation is also reprimanded, and is equally responsible for paying the enforcement expenses and discipline penalty,” the council stated in its ruling.
Angela Guo PREC currently has seven active listings[3]https://www.rew.ca/agents/73330/personal-real-estate-corporation-angela-guo/my-listings.
References [ + ]
| 1. | ↑ | https://www.recbc.ca/2018/01/angela-guo/ |
| 2. | ↑ | https://www.bcassessment.ca/Property/Info/QTAwMDA1WDhGQw== |
| 3. | ↑ | https://www.rew.ca/agents/73330/personal-real-estate-corporation-angela-guo/my-listings |