A managing property broker of around 100 麻豆精选 properties has had his licence suspended after it was found he was no longer living in the country.
A decision made and released by BC Financial Services Authority (BCFSA) on Monday, Feb. 10, stated Tao (Terry) Guo abandoned his duties as a managing broker for Menethil Properties Ltd. after he moved overseas and gave his responsibilities to Menethil鈥檚 director, Yu (David) Song, who is not licensed to serve as a managing broker.
Guo's disappearance was discovered during an ongoing investigation into Menethil's accounting and payment practices.
Song used to be a managing broker but his license was cancelled in Sept. 2023 after he "committed professional misconduct when he failed to file financial statements, properly maintain financial records, and did not respond to BCFSA鈥檚 requests for information as required under the Real Estate Services Rules." He was also fined $25,000. Song was allowed to continue operating with a representative broker licence and maintained his role as Menethil's director.
According to the Real Estate Services Act (RESA), "all real estate brokerages are to have a licensed managing broker in place to supervise the brokerage."
The decision means Menethil is no longer allowed to operate.
The BCFSA stated there is no immediate impacts to tenancy agreements and tenants are protected by the Residential Tenancy Act.
鈥淏CFSA sought an urgent order to suspend Guo鈥檚 licence due to its concerns for the interests of consumers. Having a licensed and qualified managing broker in place to provide the necessary supervision of a real estate brokerage is an important mechanism for protecting consumers,鈥� said BCFSA鈥檚 senior vice president, compliance and enforcement Jon Vandall. 鈥淓vidence that Guo no longer had care and control of the brokerage created an urgent need for BCFSA to take action to protect the public.鈥�
