A second realtor working with an unlicensed real estate website aimed at selling Metro Vancouver homes to foreign buyers has been suspended.
The realtor is facing some hefty fines but regulators have also ordered two of the website’s operators to immediately cease activity.
In a consent order, Realtor Xin Li admits to closing 8 deals for homes in Richmond and Vancouver between February and June 2013.
She agreed to take on clients referred to her by the operators of the website Vanfun.com in exchange – paying back a 90 percent referral fee for each home sold.
Chris Carter — Acting Superintendent of Real estate says a cease and desist order was issued last week against the websites operators.
“We’ve also frozen some bank accounts to support and facilitate the ongoing information.
Li paid back 83 thousand dollars in referral fees.
She has been suspended for seven months and is ordered to pay 10,000 dollars in penalties.
In July another realtor – Alban Wang was suspended for a year and ordered to pay a $10,000 penalty for also working with Vanfun.com