The Financial and Consumer Services Commission has invalidated licenses for the New Brunswick-based Town & Country Market Realty Ltd (TCMR) after determining that the agency violated a number of provisions in the Real Estate Agents Act.
In particular, K. Walter Moore is charged with a number of breaches relating to a trust account, including the failure to deposit finances directly into the trust and removing money from the fund to compensate for business expenses.
The regulatory body provided Moore, the owner and manager of TCMR, the opportunity to speak in defense of his actions, but he failed to appear. As a result, the director nullified the licenses for Moore and his agency, citing consumer safety.
"The Real Estate Agents Act is very clear on the obligations surrounding trust funds, and the commission's role is to protect consumers by ensuring compliance with the act," commission CEO Rick Hancox said in a statement.
The director also directed TCMR to deactivate its website and inform the commission of all unresolved listings and closings.
Both Moore and TCMR can appeal the decision, and consumers who are clients of the agency are encouraged to contact it with any questions or concerns they may have.
