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A New Brunswick real estate agency is accused of repeatedly breaching the province’s Real Estate Agents Act.
The Financial and Consumer Services Commission (FCNB) is seeking to revoke the licence of Century 21 A & T Countryside Realty, it announced in a news release on Tuesday.
In its application to the Financial and Consumer Services Tribunal, FCNB is also seeking that the agency cease conducting all regulated activities and pay an administrative penalty and hearing costs.
The commission’s statement of allegations claims the agency has “persistently and repeatedly” breached various trust account rules and other provisions under the Real Estate Agents Act.
“FCNB alleges this non-compliance presents a risk to consumers and has filed an enforcement proceeding to revoke the agency’s licence,” said the news release.
An inspection by the New Brunswick Real Estate Association (NBREA) in 2019 allegedly found deficiencies in the agency’s trust accounts and its financial reporting oversight.
Several terms and conditions were placed on the agency’s licence, which FCNB said they repeatedly failed to meet.
“As a term and condition, the agency agreed to submit financial statements, quarterly reviews of the trust accounts by an independent third-party, and monthly trust reconciliation and supporting documentation to FCNB,” said the release.
The New Brunswick real estate industry is co-regulated by FCNB and NBREA, according to the commission.
Century 21 A & T Countryside Realty has realtors in Rothesay, Saint Andrews, Fredericton and Moncton. If the agency’s licence is revoked, any active listings could be negotiated with a new agency, said FCNB.
Real estate agency responds to allegations
On Wednesday, the real estate agency released a statement responding to the allegations.
Business manager Audrie Beaulieu said they take the statements and allegations referenced in FCNB’s news release seriously.
“Century 21 A & T Countryside Realty Inc, however, takes issue with the news release. The news release does not contain all of the facts and is capable of being misinterpreted in many ways,” Beaulieu wrote in an email without elaborating further.
Beaulieu said the agency, its staff and advisors have spent “considerable time and resources” addressing the commission’s request and will continue working with their “reasonable and necessary requests.”
“Century 21 A & T Countryside Realty Inc. will defend the allegations and welcomes the opportunity to tell its side of the story at the Tribunal,” she wrote.
Beaulieu noted that the agency remains fully licensed and continues to operate its business as usual.
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