Sentences with phrase «holding on behalf of brokerage»

Not exact matches

If shares of our common stock are held on your behalf in a brokerage account or by a bank or other nominee, you are considered to be the beneficial owner of shares that are held in «street name,» and the Notice was forwarded to you by your broker or nominee, who is considered the stockholder of record with respect to those shares.

If a brokerage is to collect and hold funds on behalf of the strata corporation, those funds must be kept in a separate trust account in the name of the brokerage on behalf of the client e.g. ABC Strata Management Co. in trust for VR 12777.

As a real estate licensee, Fred should ensure his clients understand which of his services are regulated under RESA, which are subject to the Business Practices and Consumer Protection Act, and that any funds he collects on behalf of the clients will be held by his brokerage in segregated accounts.

Since Acme is acting on behalf of a third party for remuneration, it must hold a real estate brokerage licence.

(a) if the brokerage is to hold the money on behalf of the strata corporation, transfer it to an applicable trust account under subsection (2)(b) or (c), or

(2) A brokerage must, for each strata corporation on behalf of which the brokerage holds or receives money, maintain the following brokerage trust accounts:

In designated agency, the brokerage and the client agree that these duties — other than the duty shared with the designated agents to keep the confidences of the client, and the holding of money on behalf of the client — are the responsibility of the designated agents.

Section 7 - 9 of the Real Estate Council Rules was amended on July 1, 2012 to require a brokerage that holds special levy money on behalf of a strata corporation to hold that money in at least one trust account separate from the operating fund account and the contingency reserve fund (CRF) account.

Therefore, regardless of the amount of money that a brokerage may hold in trust on behalf of a strata corporation, the maximum amount that could be recovered from the special compensation fund, should there be a significant misappropriation, would be $ 100,000.

Additionally the brokerage must ensure that the further provisions of section 7 - 9 of the Rules are satisfied, including ensuring that the appropriate signatures to withdraw funds from the trust accounts held on behalf of a section are arranged for and obtained.

If the brokerage holds or receives funds on behalf of a section, the brokerage must also maintain books, accounts and records with respect to those funds.

The brokerage that receives money in connection with this transaction is authorized to pay such money to the Buyer's conveyancer, provided that such money is to be held in trust by the conveyancer as stakeholder pursuant to the provisions of the Real Estate Services Act, pending the completion of the transaction and not on behalf of any of the principals to the transaction, and should the sale not complete, the money should be returned to the brokerage as stakeholder.

If the strata corporation wished to hold funds on behalf of a section and disburse funds at the section's instructions, the brokerage could not maintain a brokerage trust account on behalf of those funds.