The Financial and Consumer Services Commission of New Brunswick (FCNB) is warning New Brunswickers about several new “pop-up agencies” that are trading in real estate without a licence.
FCNB has become aware of a recent trend of “pop-up agencies” claiming to purchase undervalued, off-market, or as-is properties.
These agencies enter into a purchase agreement with the seller but have no intention of buying the property themselves.
Instead, they try to sell the agreement to someone else for a profit.
FCNB considers this type of activity “trading in real estate” and it requires a license under the Real Estate Agents Act (REAA).
“We want to remind New Brunswickers who choose to work with a real estate professional, to only use licensed agents,” says Marissa Sollows, Director of Communications and Public Affairs for FCNB.
“You can contact FCNB directly to check if the individual or company is properly licensed.”
FCNB says it is committed to pursuing individuals or agencies involved in this type of activity and will consider taking action against them.
“The protection of consumers is FCNB’s top priority,” stresses Sollows. “We encourage anyone who suspects such activity to report it to us immediately.”
