The Real Estate Council of Alberta (RECA) has suspended the licence of Edmonton-based realtor Terry Paranych for three months.
Paranych is also ordered by the RECA to pay fines and costs totaling $96,000 and must take a real estate course, along with completing all related exams.
The suspension and fines come after RECA’s hearing panel found Paranych “made representations or carried on conduct that was reckless or intentional and that misled or deceived any person or was likely to do so on at least 14 occasions.”
The panel also found Paranych “directly or indirectly, advertised, communicated or offered an incentive that was not provided by and on behalf of the brokerage with which he is registered.”
Paranych was also found to have engaged in conduct that undermines public confidence and integrity in the industry on at least five occasions.
Paranych must complete all the requirements of the real estate council before he can trade real estate again. He was most recently registered with Excellence Real Estate Edmonton Ltd.