Rakesh Kumar (photo: Save Max Global)
The Real Estate Council of Ontario (RECO) has issued a notice of proposal to revoke the registration of Royal Key Brokerage and its broker of record, following an investigation prompted by a consumer complaint.
The brokerage, previously called Save Max Global, is operated by Rakesh Kumar of Brampton, according to the Feb. 23 notice.
The regulator alleges Kumar counselled and assisted clients in preparing false documents connected to a real estate transaction. None of the allegations have been proven at a hearing.
RECO said it will “not tolerate misconduct that puts consumers at risk and will take regulatory action when necessary.”
What happens next
Under legislation, the brokerage and Kumar have the right to request a hearing before the Licence Appeal Tribunal, which would determine whether the proposed revocation should proceed.
The brokerage and its roughly 30 registered agents may continue to trade while the matter is before the tribunal. RECO said there is currently no impact on consumers’ real estate transactions.
Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.
