Terry William Paranych – Real Estate Licence Suspended
Calgary, Alberta – On April 10, 2017, a Real Estate Council of Alberta (RECA) Hearing Panel suspended Terry William Paranych’s real estate licence for three months; ordered him to pay fines and costs totaling $96,000; and, ordered him to complete the Fundamentals of Real Estate course and all related examinations.
Mr. Paranych shall not be re-authorized to trade in real estate until he pays all fines and costs ordered by the Hearing Panel, as well as completes all education as required by the Hearing Panel.
The Hearing Panel found Mr. Paranych:
- made representations or carried on conduct that was reckless or intentional and that misled or deceived any person or was likely to do so (14 times)
- engaged in conduct that undermines public confidence in the industry, harms the integrity of the industry, or brings the industry into disrepute (6 times)
- did not ensure that in any communication, advertising or marketing material there was no suggestion, implication or statement that may suggest or lead the public to believe an unlicensed or unregistered assistant is qualified to trade in real estate, deal in mortgages, or perform real estate appraisals, as the case may be (2 times)
- directly or indirectly, advertised, communicated or offered an incentive that was not provided by and on behalf of the brokerage with which he is registered (3 times)
Mr. Paranych was previously registered as a real estate associate with Elite Ownership Group Ltd. o/a/ Re/MAX Elite, and most recently registered with Excellence Real Estate Edmonton Ltd. o/a/ Re/MAX Excellence in Edmonton.
To review the Hearing Panel order 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, property management, and real estate appraisal industry professionals under Alberta’s Real Estate Act. RECA’s mandate is to protect consumers and to provide services that enhance and improve the industry and the business of industry professionals.