“Industry members must practice in strict compliance with the act and rules to maintain the integrity of the industry”
According to an Aug. 16 ruling, David Kennedy, 56, has also been ordered to pay $1,500 in investigative and procedural costs.
The offences occurred while Kennedy worked at Manor Management and stretch back decades.
The ruling outlines how his company continued to manage and collect fees from a property for more than a 22-year period after the management agreement expired, starting in 1995.
“The county grandfathered the mobile home site, and the client could not replace any tenants once removed,” the ruling reads.
A 2018 audit revealed the company’s trust account was short by nearly $19,000.
“This shortage was created by improper withdrawals by Mr. Kennedy,” the ruling reads.
“Mr. Kennedy was improperly taking funds from Manor’s rental trust account for himself, to offset brokerage operating account shortages and fund … his maintenance business.”
He had already been disciplined by RECA on five occasions between 2015 and 2017, resulting in $7,500 in fines, and had been licensed since 1997.
“The hearing panel accepts that he ought to have known that his conduct breached the rule(s).”
His real estate licence has already been suspended for three years in December of 2019.
He can reapply for a licence in December of this year, but not as a broker, and only at the level of associate after completing remedial education courses.
Twitter @ByMatthewBlack
