Genseric Hoklee Fung - Hearing Panel Decision
Calgary, Alberta – On September 23, 2013, a Hearing Panel of the Real Estate Council of Alberta (RECA) ordered that Genseric Hoklee Fung’s authorization to trade in real estate as an associate be suspended for a period of six months. The Hearing Panel also ordered Mr. Fung to pay a fine of $15,000, costs of $14,188 and complete an educational requirement.
Mr. Fung was registered as a real estate associate with 814355 Alberta Ltd. o/a Royal LePage Summit Realty at all material times.
The Hearing Panel also ordered that in the event Mr. Fung is reinstated following authorization suspension and successful course completion, for one year, he will be required to report weekly to his broker, he will supply all trade documents and records to his broker and he will permit his broker to directly oversee and supervise his activities to enable a written report to be maintained. Such report will be made available to RECA’s Executive Director as and when requested.
The Hearing Panel found Mr. Fung:
- breached sections 19 and 20 of the Real Estate Act in that he did not follow the procedures set out in those sections for a guaranteed sales contract, including the payment of 5% of the proposed purchase price into a trust account;
- breached section 42(b) of the Real Estate Act Rules in that he participated in fraudulent or unlawful activities in connection with the provision of services or in any dealings by making false and unfounded representations for the purchase of his client’s property so that he could gain a benefit by promising his clients a “guaranteed sale” to purchase their property if it did not sell, but included a clause in the purchase contract to protect himself. He deceived his clients by leading them to believe they possessed an agreement that amounted to a guarantee. Additionally, Mr. Fung did not comply with the termination provisions of the listing contract and did not provide any other authority giving him the power to unilaterally terminate the Listing Contract without express agreement from his clients and broker;
- breached section 53(c)(i) of the Real Estate Act Rulesin that he failed to provide to the broker, in a timely manner, all original documentation and copies of original documents provided to the parties or maintained by other brokerages related to a trade in real estate; and,
- breached section 53(d) of the Real Estate Act Rules in that he failed to keep the broker informed of his activities being performed on behalf of the brokerage.
To review the Hearing Panel decision in its entirety, please click here.
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.