Issue Date:  -  Tuesday, 23 September 2003

Bunbury Real Estate representative suspended

The Real Estate and Business Agents Supervisory Board (REBA) has suspended the registration of real estate sales representative and former City of Bunbury Councillor Francesco Comito.

Mr Comito faced three allegations under the Real Estate and Business Agents Act for dishonesty and misrepresentation in a real estate transaction and for demanding a reward that was unjust.

He was fined $3,000, ordered to pay costs of $5,300 and was disqualified from obtaining registration or a licence in the industry for two years.

The Board found that among other things, Mr. Comito made representations about potential rezoning of a property being purchased and failed to pass information to the purchaser clarifying his advice.

Through Mr. Comito, his family company received a $30,000 ‘finder’s fee’ as a secret profit from a purchaser when the property was on-sold.

This secret profit was obtained without disclosing the payment to his Principal.

Mr. Comito had also written backdated letters to avoid paying stamp duty on the on-sale transaction.

This type of conduct is detrimental to the industry as it has the potential of damaging the good reputations of honest operators.