Sentences with phrase «estate services regulation»

Brokerages must retain the forms so that Council auditors conducting inspections of brokerages as part of the Office and Records Inspection program can confirm whether licensees and brokerages are complying with new section 8.2 of the Real Estate Services Regulation.

Under section 2.5 of the Real Estate Services Regulation, a developer may have unlicensed employees who provide trading services to or on behalf of the developer.

Exemption for person providing information only (Section 2.10 of the Real Estate Services Regulation)

None of the exemptions from licensing set out in the Real Estate Services Regulation apply.

Section 2.8 of the Real Estate Services Regulation does provide an exemption from the requirement to be licensed for those who provide trading services only by providing an appraisal of value of real estate and consulting services relating to the value of real estate.

The exemption under section 2.5 of the Real Estate Services Regulation is only available for individuals who are employees of developers; therefore, the unlicensed marketing company is not able to act under this exemption both because it is not an «individual», and because the proposed relationship with the developer is that of an independent contractor rather than an employee.

Applicants for licensing who are providing real estate services under any of the exemptions listed in the Real Estate Services Regulation (see list below) must either start providing those services on behalf of their new brokerage, or stop acting under the exemption.

Section 2.18 of the Real Estate Services Regulation provides the following exemption from the requirement to be licensed for strata caretakers employed by a strata corporation or brokerage:

Exemption for accountants in relation to purchase and sale of business (Section 2.7 of the Real Estate Services Regulation)

Active Charge of Strata Management Brokerages While every real estate licensee has a responsibility to comply with the Real Estate Services Act (RESA)-- which includes ensuring they are in compliance with the Real Estate Services Regulation (Regulation), the Council Rules, and the Council Bylaws — for managing brokers there is an even higher duty of care.

We look forward to working with the new Superintendent of Real Estate, Micheal Noseworthy, to ensure that real estate services regulation in British Columbia is effective, transparent and fair.

have an unlicensed employee of the strata corporation, acting either under the «Exemption for employees of principals» in section 2.1 of the Real Estate Services Regulation (the «Regulation») or under the «Exemption for caretakers providing services to different owners» in section 2.13 of the Regulation, manage the unit, or

Section 2.9 of the Real Estate Services Regulation creates an exemption from the need for licensing for auctioneers provided that the auctioneer does not:

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.

While every real estate licensee has a responsibility to comply with the Real Estate Services Act (RESA)-- which includes ensuring they are in compliance with the Real Estate Services Regulation (Regulation), the Council Rules, and the Council Bylaws — for managing brokers there is an even higher duty of care.

If he were not a licensee, JJJ could be paid for providing strata management services to VIS9999 under the exemption found in section 2.17 of the Real Estate Services Regulation.

So when the BC legislature amended the Real Estate Services Regulation to allow licensees to incorporate, section 10.6 (1)(e) was included, clearly stipulating that personal real estate corporations may not «conduct any business other than the provision of real estate services and ancillary services directly associated with the provision of real estate services.»

Remuneration may be paid to the controlling individual from the personal real estate corporation if all of the requirements of section 10.6 of the Real Estate Services Regulation are met.

Before you make the decision to incorporate, make sure you are aware of the restrictions to the business activities of a personal real estate corporation that are imposed by the Real Estate Services Regulation.

As mentioned above under Allowable Activities of a Personal Real Estate Corporation, a personal real estate corporation's ability to hold real estate is restricted by the Real Estate Services Regulation.

Section 10.3 of the Real Estate Services Regulation requires that the legal name of a personal real estate corporation must include both, but nothing other than,

Please carefully review section 10 of the Real Estate Services Regulation as it contains important information concerning personal real estate corporations.

The provincial government amended the Real Estate Services Regulation, adding requirements that apply in all transactions where a real estate licensee is acting for the seller and / or the prospective buyer of real estate.

a) Exemption for an owner not licensed under RESA (Section 2.17 of the Real Estate Services Regulation)

Section 2.14 (1) of the Real Estate Services Regulation exempts individuals from licensing who are employed as caretakers or managers of rental real estate by a brokerage that is licensed to provide rental property management services.

The Real Estate Services Regulation also contain exemptions from the need for licensing for the provision of trading services in certain circumstances.

b) An employee of more than one strata corporation (Section 2.18 of the Real Estate Services Regulation)

Sections 2.1 and 2.18 of the Real Estate Services Regulation provide for exemptions from licensing for employees of the strata corporation, and for caretakers / managers employed by the strata corporation, respectively.

If he were not a licensee, JJJ could be paid for providing strata management services to VIS9999 under the exemption found in Section 2.17 of the Real Estate Services Regulation (see Exemption # 1 (a) above).

A real estate licence is not required of an owner — whether a sole proprietorship, a corporation, or an association — when personally selling, leasing, or managing his or her own property; nor is a licence required by employees of the owner when renting, leasing, or managing property owned by their employer, provided that they do not provide real estate services for any other person (Section 2.1 of the Real Estate Services Regulation).

Section 3 - 1 of the Rules also provides that the managing broker is responsible to ensure that the trust accounts and records of the brokerage are maintained in accordance with RESA, the Real Estate Services Regulation, Rules, and Bylaws, and that there is appropriate management and control of documents related to the licensing requirements.

Under section 9 - 3 of the Rules, a licensee may provide strata management services to a maximum of two strata corporations in which the licensee owns a strata lot without the need to comply with RESA, the Real Estate Services Regulation, and the Rules, if the licensee:

The details of these exemption sections may be reviewed by viewing the Real Estate Services Regulation.

Section 2 of RESA means that an individual licensed to provide rental property management services may not provide any real estate services, except as discussed below, unless the services are provided in compliance with all the provisions of RESA, the Real Estate Services Regulation, and the Rules.

If, in this scenario, the resident manager was instructed to immediately remit any security deposits and rents to the brokerage for deposit into its trust accounts, and if he or she were not involved in negotiating and executing leases, no licence would be required under the exemption for resident caretakers cited above (Section 2.14 of the Real Estate Services Regulation).

Since a caretaker or unlicensed manager employed by a brokerage is not employed by a strata corporation, the exemption in Section 2.1 of the Real Estate Services Regulation does not apply.

Licensees engaged in rental property management should be familiar with all of the requirements of RESA, the Real Estate Services Regulation, and the Rules in order to ensure that they do not inadvertently fail to comply or contravene what is required of them as a result of licensing.

Section 2 of RESA stipulates that, once an individual is licensed under RESA, RESA, the Real Estate Services Regulation, and the Rules apply to all real estate services that the licensee may provide, even if the real estate services are provided on the licensee's own behalf, are provided for free, or would other wise be exempt.

Licensees should therefore be familiar with the provisions of not only RESA, but also the Real Estate Services Regulation and Rules.

The exemption in Section 2.17 of the Real Estate Services Regulation that enables a strata lot owner to provide strata management services is limited to individuals who are owners.

Not exact matches

Their self - destructive real estate bubble has loaded down their labor force with high debt service and housing costs, whilst their giveaway of public infrastructure to insiders (with no price regulation) has led to high basic living costs.

The League has called for stronger regulations for financial transparency, particularly for for - profit companies that own their own real estate and other school service companies.

(B) «Credit repair services organization» does not include: (i) Any person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States; (ii) Any bank or savings and loan institution whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation; (iii) Any nonprofit organization exempt from taxation under Section 501 (c)(3) of the Internal Revenue Code of 1986; (iv) Any person licensed as a real estate broker by this state if the person is acting within the course and scope of that license; (v) Any person licensed to practice law in this state if the person renders services within the course and scope of his or her practice as an attorney; (vi) Any broker - dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission if the broker - dealer is acting within the course and scope of those regulatory agencies; or (vii) Any consumer reporting agency as defined in the federal Fair Credit Reporting Act (15 U.S.C. 1681 - 1681t).

There are all sorts of rules, regulations and exceptions when it comes to farms and estate planning, so your friend would be wise to retain the services of a tax professional to determine the best way to set up their estate.

(1) The following shall be exempt from the Credit Services Organization Act: (a) A person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States or a lender approved by the United States Secretary of Housing and Urban Development for participation in a mortgage insurance program under the National Housing Act, 12 U.S.C. 1701 et seq.; (b) A bank or savings and loan association whose deposit or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or a subsidiary of such a bank or savings and loan association; (c) A credit union doing business in this state; (d) A nonprofit organization exempt from taxation under section 501 (c)(3) of the Internal Revenue Code; (e) A person licensed as a real estate broker or salesperson under the Nebraska Real Estate License Act acting within the course and scope of that license; (f) A person licensed to practice law in this state acting within the course and scope of the person's practice as an attorney; (g) A broker - dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission acting within the course and scope of that regulation; (h) A consumer reporting agency; (i) A person whose primary business is making loans secured by liens on real property; (j) A person, firm, corporation, or association licensed as a collection agency in this state or a person holding a solicitor's certificate in this state acting within the course and scope of that license or certificate; and (k) A person licensed to engage in the business of debt management pursuant to sections 69 - 1201 to 69 -estate broker or salesperson under the Nebraska Real Estate License Act acting within the course and scope of that license; (f) A person licensed to practice law in this state acting within the course and scope of the person's practice as an attorney; (g) A broker - dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission acting within the course and scope of that regulation; (h) A consumer reporting agency; (i) A person whose primary business is making loans secured by liens on real property; (j) A person, firm, corporation, or association licensed as a collection agency in this state or a person holding a solicitor's certificate in this state acting within the course and scope of that license or certificate; and (k) A person licensed to engage in the business of debt management pursuant to sections 69 - 1201 to 69 -Estate License Act acting within the course and scope of that license; (f) A person licensed to practice law in this state acting within the course and scope of the person's practice as an attorney; (g) A broker - dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission acting within the course and scope of that regulation; (h) A consumer reporting agency; (i) A person whose primary business is making loans secured by liens on real property; (j) A person, firm, corporation, or association licensed as a collection agency in this state or a person holding a solicitor's certificate in this state acting within the course and scope of that license or certificate; and (k) A person licensed to engage in the business of debt management pursuant to sections 69 - 1201 to 69 - 1217.

«Credit Services Organization» does not include any of the following: (i) a person authorized to make loans or extensions of credit under the laws of this State or the United States who is subject to regulation and supervision by this State or the United States, or a lender approved by the United States Secretary of Housing and Urban Development for participation in a mortgage insurance program under the National Housing Act (12 U.S.C. Section 1701 et seq.); (ii) a bank or savings and loan association whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, or a subsidiary of such a bank or savings and loan association; (iii) a credit union doing business in this State; (iv) a nonprofit organization exempt from taxation under Section 501 (c)(3) of the Internal Revenue Code of 1986, [FN1] provided that such organization does not charge or receive any money or other valuable consideration prior to or upon the execution of a contract or other agreement between the buyer and the nonprofit organization; (v) a person licensed as a real estate broker by this state if the person is acting within the course and scope of that license; (vi) a person licensed to practice law in this State acting within the course and scope of the person's practice as an attorney; (vii) a broker - dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission acting within the course and scope of that regulation; (viii) a consumer reporting agency; and (ix) a residential mortgage loan broker or banker who is duly licensed under the Illinois Residential Mortgage License Act of 1987.

The justification given was that: «Public confidence in the integrity of the real estate services sector and its regulation has been shaken.

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