Real estate agents took 'outrageous and egregious' advantage of senior: regulator

The Canadian Press</span>
Published Wednesday, March 28, 2018 2:08PM EDT
Last Updated Wednesday, March 28, 2018 2:09PM EDT

MONCTON, N.B. -- Two New Brunswick real estate agents have had their licences revoked after taking what the regulator calls "outrageous and egregious advantage" of a vulnerable senior.

The provincial real estate industry regulator says Tanya Hannah and Maurice Poirier, former owners of Century 21 Absolute Realty, were found unsuitable to be licensed under the Real Estate Agents Act.

In her decision, Alaina Nicholson with the Financial and Consumer Services Commission says the two salespeople took "extreme financial advantage" of a senior.

She says they entered into a listing agreement with a senior in the Moncton area in 2013 and after several months, Hannah ended up purchasing the property for three-quarters of the listed price.

The regulator says the senior provided an interest-free loan and a substantial renovation credit in return for a collateral mortgage against the property and a monthly stipend that would partially cover his rent.

Nicholson says while the real estate agents gained substantially from the transaction, the senior lost his home and was provided with "nothing more than a year-and-a-half's rent."

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