Sentences with phrase «estate special compensation»

The Real Estate Special Compensation Fund, introduced in 2005 under RESA, provides protection to members of the public who have suffered «a compensable loss through the provision of real estate services in circumstances where money entrusted to a real estate licensee or an unlicensed individual related to the brokerage has been

If a consumer has entrusted money to a real estate licensee or an unlicensed individual acting on behalf of a brokerage and that money has been misappropriated or wrongfully converted, intentionally not paid over or accounted for, or obtained by the fraud of that licensee or individual, the consumer may wish to make a claim against the Real Estate Special Compensation Fund.

The assessment for the Real Estate Special Compensation Fund is not refundable once a licence has been issued.

«special compensation fund» means the Real Estate Special Compensation Fund established under section 112 [special compensation fund];

The Real Estate Special Compensation Fund provides financial protection for members of the public who have lost money because of the actions of a real estate licensee.

Not exact matches

Other tax shelters such as carried interest, tax free like kind exchanges of real estate, and special treatment of option based executive compensation should scaled back or closed.

[103] I see no special reason why the liability of developers to pay compensation under s. 75 (2)(b) of the Real Estate Act for a material misrepresentation should extend to losses arising, not from the inaccuracy of the representation, but from market forces.

A natural person, a corporation through its officers, a partnership through its partners or a limited liability company through its members or managers that deals in selling, exchanging, purchasing, renting, leasing, managing or pledging the person's or entity's own property, including cemetery property and membership camping contracts, and that does not receive special compensation for a sales transaction or does not receive special compensation or other consideration including property management fees or consulting fees for any property management services performed, if the majority of an officer's, partner's, member's or manager's activities do not involve the acts of a real estate broker,

The Real Estate Compensation Fund Corporation (RECFC) is responsible for overseeing the Special Compensation Fund.

Everyone who is licensed to provide real estate services in BC contributes to the Special Compensation Fund through their licensing fees.

(4) In addition to the report, the compensation fund corporation must provide the minister or the real estate council, as applicable, with audited financial statements or other information concerning the special compensation fund and the compensation fund corporation when required to do so by the minister or real estate council.

116 (1) If the capital of the special compensation fund at any time falls below the minimum amount of capital prescribed for the purpose of this section, the compensation fund corporation must immediately advise the real estate council.

A special compensation fund exists under RESA to protect the public against the loss of trust money; however, the Real Estate Services Regulation limits the maximum amount that may be paid to a single claimant to $ 100,000, and the maximum total amount that may be paid in respect of claims against a single brokerage to $ 500,000.