An Oromocto real estate agent and his company are now in hot water over legal breaches that include failing to deposit funds directly into a trust account and withdrawing from trust funds to cover for expenses.
K. Walter Moore and his firm Town & Country Market Realty had their respective licences revoked last week by Oromocto’s Financial and Consumer Services Commission.
The cancellation of the licences was in conjunction with identified breaches of the Real Estate Agents Act, which were uncovered by a recent business review of Moore’s firm. Both the realtor and his company would not be able to apply for new licences for at least 12 months, although they have the option to appeal the ruling.
“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,” Commission chief executive officer Rick Hancox stated in a press release, as quoted by CBC News
Moore, who did not attend a hearing with the Commission last December, declined to comment on the allegations and the decision.