The Real Estate Council of Alberta (RECA) Hearing Panel recently suspended the real estate licence of Edmonton sales rep Terry William Paranych. The licence was suspended for three months. Paranych was also ordered to pay fines and costs totaling $96,000 and ordered to complete the Fundamentals of Real Estate course and all related examinations.
The proceedings against Paranych date back to 2012 and relate to some of his advertising.
The panel found that 14 times, 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.”
He “engaged in conduct that undermines public confidence in the industry, harms the integrity of the industry, or brings the industry into disrepute” six times, and “did not ensure that in any communication, advertising or marketing material there was no suggestion, implication or statement that may suggest or lead the public to believe an unlicensed or unregistered assistant is qualified to trade in real estate, deal in mortgages or perform real estate appraisals, as the case may be.”
He also “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 (three times).
Paranych, a well-known top producer, was previously registered as a real estate associate with Elite Ownership Group, operating as Re/Max Elite, and most recently registered with Excellence Real Estate Edmonton, operating as Re/Max Excellence in Edmonton, says RECA in a news release.
The Hearing Panel order can be viewed here.