The Real Estate Council of British Columbia (RECBC) announced June 12 that it has fined both real estate brokerage CBRE Ltd. and its Canadian CEO Mark Renzoni for professional misconduct.
The minor $2,000 fine together with an additional $1,250 in enforcement expenses stems from misconduct that happened in 2013.
Back then, Renzoni was managing partner of CBRE Ltd. Vancouver. He has since been promoted to be CEO of CBRE Ltd. Canadawide and is primarily now based in Toronto.
The misconduct was that CBRE and Renzoni permitted the real estate brokerage to provide real estate services through CBRE Victoria, which was not listed as a branch office between February 19, 2013 and July 23, 2013, contrary to the Real Estate Services Act.
Both CBRE and Renzoni also failed to ensure adequate supervision of two licensees by permitting them to provide real estate services on behalf of CBRE Victoria when CBRE Victoria was not licensed as a branch office until July 23, 2013, and the licensees were not licensed with CBRE Victoria until July 2, 2014. That is also contrary to B.C. law.
Another breach of RECBC rules was that CBRE and Renzoni advertised real estate services that the company and Renzoni either knew or reasonably ought to have known contained a false or misleading statements, according to the RECBC.
They did this by advertising CBRE Victoria on websites.
The result was that Renzoni was subject to an order of a discipline committee that he be reprimanded.
He and CBRE then, on April 30, 2015, entered into a consent order with the RECBC, agreeing to the fines.
