Douglas Hay - Real Estate Broker Licence Suspended
Calgary, Alberta – On December 12, 2008, Douglas Hay’s authorization to trade in real estate as a broker was suspended for a period of five years by an order of a hearing panel of the Real Estate Council of Alberta (RECA). He was ordered to pay a fine in the amount of $8,500 and costs in the amount of $1,000.00. Mr. Hay was also ordered to complete educational requirements prior to his re-authorization as a broker.
Mr. Hay acted contrary to the Code of Conduct and the Real Estate Act Rules by:
Continued employment of persons for the purpose of trading in real estate when they were not authorized to do so
Failed to keep monies received in trust in the name of the industry member and designated as trust monies
Failed to ensure that the terms of the trust governing the use of the money was in writing
Failed to be actively engaged in the management of the brokerage
Failed to ensure the name of the brokerage was clearly indicated in the course of trading
Failed to ensure business of the brokerage was conducted in compliance with the Real Estate Act
Paid a commission or remuneration to someone who was not authorized receive such remuneration
Failed to ensure proper management and control of documents or records relating to licensing, registrations and related regulatory requirements
Failed to ensure an adequate level of supervision of associates and other individuals providing services on his behalf
Mr. Hay’s authorization to trade in real estate as an associate under the Real Estate Act shall continue upon his registration as an associate with a properly licensed brokerage other than D.J. Hay Enterprises Ltd.
Mr. Hay’s suspension does not affect the trading activities of D.J. Enterprises Ltd.
The Real Estate Council of Alberta (RECA) is an independent, non-government agency, responsible for regulating professionals in the real estate, mortgage broker and real estate appraisal industries under Alberta’s Real Estate Act. RECA is mandated to protect consumers and to provide services that enhance and improve the industry and the business of industry members.
