The Real Estate Council of Ontario (RECO) has frozen the bank accounts of RE/MAX Right Choice Inc. because of alleged irregularities. A RECO inspection revealed irregularities in the finances of RE/MAX Right Choice Inc., and the matter is being investigated further. Right Choice is located in the Centrepoint Mall at Yonge St and Steeles Ave. where its offices were inexplicably closed on this business day. It has been several years since RECO has issued a freeze order. The freeze order prevents any improper withdrawal from accounts such as the trust account that is used to hold cash that consists of down payments people have made for homes being purchased through the brokerage. Brokerages are not allowed to use the deposits or the agent commissions, also usually held in trust, for other purposes.
