Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.
Consent Order
Consent Order
- Licensee
- Smrat Sharma, Smrat (Sam) Sharma
- Brokerage at Time of Sanctioned Activity
- Multiple Realty Ltd.
- Current Brokerage
- Vancouver
- Consent Order Date
- 6 June 2013
Summary
REAL ESTATE COUNCIL OF BRITISH COLUMBIA DISCIPLINE DECISION
In the matter of the Real Estate Services Act
S.B.C. 2004 ch. 42
AND in the matter of a Consent Order pursuant to Section 41 of the Real Estate Services Act
Issue: Smrat (Sam) Sharma, currently unlicensed, entered into a Consent Order with the Council that, while licensed as a representative with Multiple Realty Ltd., Vancouver, he committed professional misconduct within the meaning of section 35(1)(a) and (c) of the Real Estate Services Act in that he:
- failed to promptly provide the managing broker with copies of all trade records, contrary to section 3-2(1)(b) of the Council Rules;
- failed to inform the managing broker of the real estate services he was providing, contrary to section 3-2(2)(a) of the Council Rules;
- failed to promptly deliver to the brokerage the $130,000 deposit that was paid to Multiple Holdings Ltd., a company created by Mr. Sharma, by M.D. on March 3, 2011, contrary to section 27(1) of the Real Estate Services Act;
- failed to promptly deliver to the brokerage the $400,000 deposit that was paid to Mr. Sharma by 6490XX B.C. Ltd. on March 31, 2012, contrary to section 27(1) of the Real Estate Services Act;
- failed to promptly deliver to the brokerage the $50,000 deposit that was paid to Mr. Sharma by J.R. on May 3, 2012, contrary to section 27(1) of the Real Estate Services Act;
- misappropriated and/or wrongfully converted money provided to him from J.R. intended as a deposit on a purported purchase of a property on East Hastings Street, Vancouver, B.C.;
- misappropriated and/or wrongfully converted money provided to him from 6490XX B.C. Ltd. intended as a deposit on a prospective purchase of a property on West 3rd Avenue, Vancouver, B.C.;
- misappropriated and/or wrongfully converted money provided to him from M.D. intended as a deposit on a purported purchase of a property on Commercial Drive, Vancouver, B.C.;
- committed deceptive dealing in that he created transaction records, including a Contract of Purchase and Sale, for the purported purchase of property on Commercial Drive, Vancouver, B.C., for the purpose of obtaining deposit funds from M.D. and used those funds for a purpose not intended by M.D.;
- committed deceptive dealing in that he created transaction records, including a Contract of Purchase and Sale, for a purported purchase of a property on East Hastings Street, Vancouver, B.C., for the purpose of obtaining deposit funds from J.R. and used those funds for a purpose not intended by J.R.;
- committed deceptive dealing in that he created transaction records, including a Contract of Purchase and Sale, for a purported purchase of a property on East 6th Street and applied deposit monies from 6490XX B.C. Ltd. which were intended for the purchase of a property on West 3rd Avenue, Vancouver, B.C., and used those funds for a purpose not intended by 6490XX B.C. Ltd.;
- committed deceptive dealing in that he permitted the brokerage to pay out trust funds to a transaction for which the funds were not deposited;
- contravened section 7(3)(a) of the Real Estate Services Act by providing real estate services separate from the brokerage, in relation to the purported purchase of a property on East Hastings Street, Vancouver, B.C., by J.R.;
- contravened section 7(3)(a) of the Real Estate Services Act by providing real estate services separate from the brokerage, in relation to the purported purchase of a property on Commercial Drive, Vancouver, B.C. by M.D.; and
- contravened section 3-3(1)(i) of the Council Rules in that he failed to act in the best interests of his clients and to take steps to avoid a conflict of interest.