The Real Estate Council of Ontario (RECO) regulates the activity of trading in real estate in the public interest.
RECO administers the Real Estate and Business Brokers Act, 2002 and associated regulations on behalf of the provincial government.
Date of Decision: 2008/07/31Detail: On July 31, 2008, Nicholas Lapcevich, a broker was found guilty of one (1) count of divesting interest in a property without disclosing said interest, full disclosure of facts within his knowledge regarding the property in question and his status as a registrant. Also one (1) count of failing in his duties as a broker of record. He was sentenced to pay a fine of $8,000.00 plus victim surcharge.