RNC investigating Exit Realty on the Rock complaint

Ashley
Ashley Fitzpatrick
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Still no word on what may have prompted licence suspension

The RCMP has not received any complaints related to Exit Realty on the Rock, but for the Royal Newfoundland Constabulary, it’s a different story.

Photo by Joe Gibbons/The Telegram

“The RNC has received a complaint and our Economic Crime unit is investigating,” states an emailed response to questions Friday morning.

The police force was specifically asked if it had been asked to investigate Exit Realty on the Rock or if the force has otherwise been involved with the investigation being conducted by the province’s Superintendent of Real Estate.

 

Related story:

Exit Realty on the Rock licence being suspended

"The complaint is in the very early stages and there is little to comment on at this point,” an RNC spokesman stated.

What’s not clear is the nature of the complaint, its merit, when that complaint was made, by whom, or whether or not it is related in any way to the ongoing investigation by the provincial superintendent of real estate involving Exit Realty on the Rock.

The investigation by the real estate regulator led to the suspension, as of midnight, of the company’s real estate licence.

At this point, with Exit Realty on the Rock’s business suspended, many realtors from that brokerage have switched to new employers, finding a way to continue with business as usual.

Other Exit Realty franchises in the province are not involved in the current investigations, including Exit Realty Oceans Edge. That business has taken on some of the displaced agents, while also making clear it is a standalone operation, entirely separate from Exit Realty on the Rock.

“Please be advised that while there has now been a development circulating regarding Exit Realty on the Rock, our team at Oceans Edge would like you all to know that we are in no way affiliated with this investigation and that we will continue to proudly serve you and the community at Exit Realty Oceans Edge,” reads a notice posted on Facebook.

 

afitzpatrick@thetelegram.com

Organizations: Exit Realty Oceans Edge

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  • "Realtor" Regulation?
    February 05, 2016 - 14:09

    This is a great opportunity for the Governemnt or media to educate the public about Real estate trading. A "Real Estate Salesperson" (or Broker) is not the same as "Realtor". The Province does not regulate the MLS system directly. These are concepts developed by the Canadian (and American) Real Estate industry. Realtors do not "sell" property as such but rather list and market the property. Often criticized for the expensive fees a realtor may collect from a sale compared those paid to the surveyor and lawyer, for example, the money is often well covered by the sale. For example A $300,000 house may be marketed @$330,000 if the Realtor sees greater buyer potential. The extra $30,000 easily covers the, say, 3% ($9,900) fee. However it is annoying when the Realtor summarily passes the buck to the surveyor and lawyer to "sort out the details" of closing the deal. In my experience I complained about a Realtor (NOT the noted Agency) listing the entire property for only one title holder without the other's permission. I compalined to the Board at the time. I discovered that the Province does not enforce a code of ethics, the Board does, but cannot be easily compelled to do so. It was reviewed by a committee and a report prepared. No decision was ever sent to me. Finally after several years GSL asked the Board what the problem was only to discover that the Board had shredded the report. I still consider the matter outstanding but I think this regulated occupation needs a better discipline system.