Alberta Real Estate Council Removes Six More Realtors

The real estate industry in Alberta continues to show signs of being infested with major fraud problems.

On Friday, May 8th, 2009, the Real Estate Council of Alberta, the agency that regulates the activity of licensed realtors, announced that it has accepted lifetime withdrawals from the real estate industry from six more realtors under Section 54 of the Real Estate Act.

The release from the Real Estate Council of Alberta is here.

Licensed realtors may apply to withdraw from the real estate industry membership under Section 54 of the Real Estate Act. If the Real Estate Council approves such an application to withdraw, all proceedings and investigations in respect to the industry member and his/her conduct will be discontinued. As a consequence of withdrawing under this section, the former industry member receives a permanent, lifetime ban from the industry.

In 2009 already there have been 8 lifetime withdrawals from the real estate industry in Alberta accepted in 2009, and there have been 15 such withdrawals since August 2008.

In addition to the lifetime withdrawals announced by the Real Estate Council, Rainbow Investigations is aware of several other realtors currently suspended in Alberta, which for some reason, don’t appear to be formally “announced” by the Council.

In addition to all the problems within the licensed real estate community, Alberta is also being currently seriously challenged by numerous so-called “property investors” who are not licensed as real estate agents, but continue to flip properties, often to vulnerable consumers, many times in outright fraudulent mechanisms.

If you are looking to buy property in Alberta, it is buyer beware these days!

Date of Story: Saturday, May 09, 2009
Story Posted By: Ron Reinhold
Source: Ron Reinhold

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