Exit Realty on the Rock licence being suspended

The Telegram
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ServiceNL says a matter is under investigation

By Ashley Fitzpatrick and James McLeod 
As of one minute to midnight, the real estate licence for Exit Realty on the Rock will be suspended.

According to a notice issued shortly after 3 p.m. by ServiceNL, the company formally known as 50549 Newfoundland and Labrador Inc., operating as Exit Realty on the Rock, is involved in a matter currently under investigation.

No further comment on that matter was made.

The decision to suspend the company’s real estate licence was made by the provincial Superintendent of Real Estate Agents and Salespersons.

“People who are engaged in real estate transactions involving this firm should contact their lawyer, or the Newfoundland and Labrador Association of Realtors (NLAR),” the notice reads.

“The association can be reached by phone at 1-855-726-5110, or by email at bstirling@nlar.ca. Industry professionals with questions about licensing can contact Service NL at 729-2595.”

NLAR CEO Bill Stirling said as word spreads, calls have come flooding in to the province's real estate association office.

The association learned of the licence decision earlier today, he said, and was not involved in the start of the investigation of the real estate company.

"They haven't shared with us what the nature of the investigation is," he said.

"We haven't had any complaints (about EXIT Realty on the Rock)."

As for anyone currently involved in a real estate deal, Stirling said he does not see risk for the general public as a result of the decision.

"The question for us as an industry is how do we make sure our members get paid the commission that they're owed."

At a 4 p.m. press conference, Stirling reiterated only Exit Realty on the Rock is affected by the licence change and not other Exit Realty franchises operating in the province.

As for the effect of the licence suspension, it is specific to the franchise.

Realtors are licensed through their employer. Therefore any realtors with the affected company are not directly held up from further work in real estate. If hired by another agency, they can be licensed again and continue work while the ServiceNL-noted investigation continues.

Meanwhile, Exit Realty on the Rock agents were reticent to speak to the Telegram, but multiple agents indicated that the company was planning on restructuring.

"There's going to be another division formed, and we're going to go with another division of Exit," one agent said.

Another agent indicated that there may be some association with Exit Realty Ocean Edge, but the Telegram was unable to contact franchisee Debbie McGrath. The Telegram was also unable to immediately contact Exit Realty on the Rock owner Anne Squires.

But the company may be offering hints on the Internet. The website for Exit Realty On the Rock automatically forwards to the Oceans Edge brokerage.

On Facebook, Exit Realty On the Rock agent Bern Tobin posted and also talked about the merger.

"This is … not a reflection of the hard working Realtors in the office," Tobin wrote.

"I have signed a form so all my clients, pending deals, listings and my business will be protected and I will fall under Exit Oceans Edge as of midnight. This is as much a surprise to me today as you."


Organizations: Newfoundland and Labrador Association of Realtors, Service NL

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Recent comments

  • PaperworkJockey
    February 05, 2016 - 08:50

    "The question for us as an industry is how do we make sure our members get paid the commission they're owed." Funny, I though that the industry would be a little more interested in the welfare of their clients, and their life savings. Maybe, this is a hint on why real estate agents have a lousy reputation.

    • Thomas
      February 05, 2016 - 10:41

      Well....because the association looks after the interests of the agent - not the seller or purchaser - that what the lawyers are for.

  • Gerald
    February 05, 2016 - 07:51

    Seems fishy to me. Sounds like they had a get rich quick scheme on the go.

  • Duggan
    February 05, 2016 - 06:47

    Businesses fail for a host of reasons This is just another business failure. Other real estate companies are thriving.

    • david
      February 05, 2016 - 10:26

      Real estate brokerages simply do not "fail". It is a business model with virtually zero expenses and egregiously high revenues. No salaries, just commissions. Wake up.

  • justin case
    February 05, 2016 - 06:20

    I see another real estate realty show coming soon to the rock, no offence Kung Foo. You are entitled to your "beautiful province" comment. I personally disagree....

  • Political Watcher
    February 05, 2016 - 05:52

    Another reason to handle your house sale by yourself. All paperwork is online and you get to keep more money in your pocket. I sold three houses on my own and all went very smoothly.

    • James
      February 05, 2016 - 10:46

      Yes, you could go it alone without an agent. Time consuming but worth it. All you need is a decent lawyer who won't pick your pocket.

    • InCB
      February 05, 2016 - 14:30

      Also as long as you are willing to take on the liability if something goes wrong from non-disclosure of something wrong with the house. Realtors also carry e&o insurance to help cover this.

  • Jack
    February 04, 2016 - 20:17

    While its ok to suspend or revoke real estate brokerages, the Newfoundland and Labrador Government, Service NL, and Newfoundland and Labrador Association of Realtors should banned from implementing "Collective Responsibility" punishments where not only can a brokerage have their license suspended, so can Real Estate Agents connects to the suspended company even when they did nothing wrong. Just as you can't punish a Doctor for being part of a hospital that is involved in wrong doing even when that Doctor did nothing wrong, the Newfoundland and Labrador Government should have no right whatsoever to take away a Real Estate Agent's License just because he/she worked for a suspended company but did nothing wrong. Perhaps now is the time for the Newfoundland and Labrador Government to outlaw "Guilt By Association" and Collective Responsibility punishments on Real Estate Agents.

  • Who cares?
    February 04, 2016 - 16:23

    Give it to the RCMP! That way it will take forever to investigate and eventually thrown out......hahahaha!

  • Kung Foo
    February 04, 2016 - 14:31

    Never did like the name ....'reality on the rock'. Found it offensive, demeaning to our beautiful province.

    • The real Calvin
      February 04, 2016 - 14:46

      Can you read Kung Foo? Exit REALTY, not reality. Jeebus....

    • Rod
      February 04, 2016 - 15:11

      You do realize realty and reality are two different words :)