Exit Realty on the Rock's licence suspended

The licence for Exit Realty on the Rock, a popular real estate company on the northeast Avalon,has been suspended,effective late Thursday night.

A news release from Service NL Thursday said the licence for the company, which has offices in St. John's and Conception Bay South, has been suspended under the provisions of the Real Estate Trading Act and Real Estate Licensing Regulations.

Under the authority of the superintendentof real estate agents and salespersons, the suspension takes effect at 11:59 p.m.

The franchise, which is owned and operated by Anne Squires, has 65 real estate agents listed on its website.

The other Exit franchises are not affected.

The general public is not at risk, said Bill Stirling, chief executive officerof the Newfoundland and Labrador Association of Realtors.

Stirling called the shutdown of Exit Realty on the Rock an "evolving situation."

If a house is listed with the franchise, the listing will expire at midnight, Stirlingsaid.

However, if someone hassold ahouse through the company, the sale should still go through as lawyers will handle the transaction.

"When a licence of a broker is suspended, all the of the sales people within that company are also suspended," Stirling said.

Real estate agents with Exit Realty on the Rock can go with another broker.

Service NL said it cannot provide further comment because the matter is under investigation.

The news release advised people in real estate transactions with the company to contact their lawyers or the Newfoundland and Labrador Association of Realtors.

It's unknown what the licencesuspension will mean for individual agents. Several agents contacted by CBC News declined to comment.