The Real Estate Council of Ontario administers licensing and professional regulatory and enforcement functions for the province’s 110,000 realtors and brokers.

The former registrar of the Real Estate Council of Ontario was contemplating an unusual deal with the principals of iPro Realty Ltd. just minutes after learning of a multimillion-dollar shortfall in consumer trust accounts held by one of Ontario’s largest brokerages.

That was among the findings of a recent report from Dentons LLP to investigate RECO’s mishandling of the iPro situation. It was commissioned by RECO’s board of directors on Aug. 22, the same day that registrar Joseph Richer left the organization.

After reviewing that report, the Ontario government served RECO with 15 days’ notice on Thursday of its plan to appoint

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