Ronan Kamdar - Lifetime Withdrawal from Industry
Calgary, Alberta - On November 3, 2010 Ronan Kamdar, associate, currently unregistered but most recently registered with Sterling Realty (Alberta) Ltd. o/a Sterling Real applied to the Real Estate Council of Alberta (RECA) to withdraw from industry membership, in accordance with s.54 of the Real Estate Act (REA).
At the time of his application, Mr. Kamdar was the subject of conduct proceedings to determine whether he:
- Failed to properly deposit and disburse money held in a trust account [s.25(1)(b) and (d)of the Real Estate Act.]
- Failed to ensure that the terms of the trust governing the use of the money were in writing and agreed to by the industry member and the client and any other parties [s.25(2) of the Real Estate Act]
- Failed to ensure that all transactions and the relevant documentation met legislative requirements found under the Act, the Bylaws, and these Rules; failed to provide all documentation required to the broker and failed to keep the broker informed of activities [s.23(d) (e) and (f) of the Real Estate Act Rules]
- Paid a commission or other remuneration, directly or indirectly, to any person resulting from or in connection with a trade in real estate or a deal in mortgages [s.24(1)(b) of the Real Estate Act Rules]
- Failed to act in the client’s best interests [s.2(a) of the Code of Conduct]
By virtue of operation of Part Three of the Real Estate Act, conduct proceedings are discontinued. Mr. Kamdar’s application to withdraw was approved by the Real Estate Council of Alberta and results in a voluntary lifetime prohibition from industry membership.
The Real Estate Council of Alberta (RECA) is an independent, non-government agency, responsible for regulating real estate, mortgage broker, and real estate appraisal industry professionals under Alberta’s Real Estate Act. RECA is mandated to protect consumers and to provide services that enhance and improve the industry and the business of industry members.