Donald Mike Gray - Real Estate Broker Licence Suspended
Calgary, Alberta – On February 7, 2013, pursuant to section 53(1)(a) of the Real Estate Act, the Real Estate Council of Alberta temporarily suspended the authorization of Donald Mike Gray, former real estate broker registered with DMG Asset Management and Realty Ltd. in Edmonton pending the outcome of conduct proceedings under Part 3 of the Real Estate Act.
It is alleged that contrary to the Real Estate Act and Rules made pursuant to the Real Estate Act, Mr. Gray:
- failed to ensure proper management and control of documents or records related to licensing, registrations and related regulatory requirements;
- failed to prepare and review a monthly bank reconciliation within 30 days of the date of the prior month’s bank statement, and acknowledge the review by signing and dating the monthly reconciliation;
- failed to fund a trust shortage;
- failed to practice in strict accordance with the Act, Regulations, Rules, Bylaws and any other laws that govern trading in real estate, mortgage transactions or appraisals in Alberta;
- failed to ensure that the terms of the trust were in writing and agreed to by the industry member and all other parties;
- failed to disburse money received or held in trust in respect of a dealing or trade in the business of the industry member only in accordance with the rules and with the terms of the trust governing the use of that money;
- failed to provide competent service;
- allowed a payment or allowed a bank transfer out of an account in which money was held in trust and that created a negative balance in a client’s or customer’s ledge;
- failed to ensure an adequate level of supervision for associate brokers or associates within the brokerage and employees who perform duties on behalf of the brokerage;
- failed to disclose to clients, at the earliest practical opportunity, any conflict of interest there may be in the course of providing services to, or in dealings with, a client;
- provided services to a client or potential client in a trade or anticipated trade in which he has, or will have, a conflict of interest without receiving the written and informed consent of the party;
- failed to ensure all documents and records related to trades in real estate required under the Act and the Rules are maintained or made available by the brokerage for the purposes of a review at the registered business office of the brokerage.
As a result of this suspension, Mr. Gray cannot trade in real estate and cannot provide property management services in Alberta at this time. Mr. Gray’s suspension does not affect the real estate trading and property management activities of DMG Asset Management and Realty Ltd.
The Real Estate Council of Alberta (RECA) is an independent, non-government agency, responsible for governing 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 professionals.