Sentences with phrase «licensee remuneration»

Increase transparency for consumers around licensee remuneration, in particular, how remuneration is to be divided between a listing brokerage and cooperating brokerage.

7 - 2 For the purposes of section 31 (2)[payment of licensee remuneration] of the Act, a brokerage may maintain one or more commission trust accounts in accordance with the following rules:

(ii) may be paid out of the trust account in accordance with section 5 - 15 [when licensee remuneration can be paid out of trust account] of these rules.

Section 7 - 2 of the Rules permits a brokerage to maintain one or more commission trust accounts for the payment of licensee remuneration.

Require enhanced disclosure of real estate licensee remuneration that will inform consumers about how remuneration is to be divided between a listing brokerage and co-operating brokerage.

Not exact matches

Effective January 1, 2006, the B. C. Real Estate Council's Rules 5 - 11 and 5 - 12 require licensees to disclose to their clients the source and amount of remuneration paid by somebody else other than the client for whom the Realtor is working.

When managing rental real estate outside of RESA for a family member, partnership or corporation, in addition to complying with the provisions noted above, the licensee must provide the rental property management services without remuneration.

In all cases where a brokerage or licensee receives fees or payment for forms, such as the Form B or Form F, or payment for photocopies from someone other than the strata corporation, the obligation to make disclosure of remuneration is triggered.

The disclosure must include how the commission will be shared, if at all, and inform the seller of any other remuneration the licensee will receive or expects to receive as a result of the trade.

Where a licensee receives remuneration, such as a referral fee, as a result of making a recommendation to a client, or recommending a client to a party, the disclosure must be in writing, but, it may NOT be in a written service agreement or any other agreement giving effect to a trade in real estate.

To assist licensees to make the required disclosures, the Council provides a Disclosure of Remuneration, Trading Services form.

The Rules require that as a licensee, you must disclose all remuneration you receive or anticipate receiving from anyone other than your client.

The Rules require that licensees disclose all remuneration they anticipate receiving that is not paid directly by the client.

Section 5 - 10 of the Rules requires that a licensee must disclose the nature of the representation that the licensee will provide and whether, if applicable, the licensee or a related licensee is or expects to provide trading services to or on behalf of another person in relation to the same trade in real estate, or whether the licensee or related licensee expects to receive remuneration from another person in relation to the same trade in real estate.

The Council is developing a Disclosure to Seller of Expected Remuneration Form, along with materials to inform licensees about how to comply with these new requirements.

Consequently, whether a dual agency trade involves one licensee or more than one licensee related to the same brokerage, the remuneration to be disclosed is the total remuneration to be earned by the brokerage.

In other words, licensees acting for a buyer or as a limited dual agent will be receiving remuneration from the seller and not from their buyer client.

For licensees providing trading services, if they are acting either as a buyer's agent or as a limited dual agent, they will likely be receiving remuneration from someone other than their buyer client as a result of providing the real estate services.

Licensees must disclose the source and amount of the remuneration, or, if the amount is not known, the likely amount and method of calculation.

The obligation to disclose remuneration from someone other than a client is also applicable to brokerages and licensees providing rental property management or strata management services.

A licensee acting for a seller must make a disclosure of expected remuneration in respect of each «offer to acquire real estate» that is prepared on behalf of a buyer and presented to the seller by the seller's licensee.

The fact that a licensee has agreed to pay a referral fee (often but not always based on a percentage of the remuneration to be paid by that seller) is material.

The form requires the licensee to indicate the purpose for which the licensee or the licensee's associate is acquiring the property and, in the case of an acquisition, the amount of remuneration earned and who will receive the remuneration.

Section 5 - 11 of the Rules requires you, as a licensee, to disclose all remuneration you receive that is not paid directly by your client.

While not strictly required by section 5 - 11.1, Council recommends that, for the sake of consistency and transparency, a seller's licensee also make the disclosure of expected remuneration to the seller in respect of any counter-offer being made by the seller or the buyer.

Since licensing is required of those providing real estate services «to or on behalf of another, for or in expectation of remuneration», licensing and the other requirements of RESA do not apply to strata council members who are not licensees and who volunteer their time.

In order to comply with the disclosure requirements, the licensee must provide disclosure of the remuneration to the buyer in writing.

In all cases where a licensee receives a referral fee, air miles or any other form of reward or benefit for referring a client to such individuals as noted above, the licensee must make written disclosure of both the source of the remuneration, the amount or method of calculation of the remuneration and any other relevant facts relating to the remuneration.

Remuneration (commission) is set by the brokerage with which the licensee is licensed.

from, for or on behalf of a principal in relation to real estate services, including any amount that is or is intended to be remuneration to a licensee, and

As discussed in the question above, a brokerage acting as a dual agent, whether through one licensee or two or more licensees of the same brokerage, receives its remuneration (typically) by way of the listing contract it has entered into with the seller.

As well, subsection 5 - 11 (3) specifies that when a licensee is acting as the designated agent for only one party in a transaction, the amount of remuneration that must be disclosed is the amount payable to the brokerage in relation to that client.

(f) respecting agreements for the payment of remuneration to licensees, including information that must be included in agreements, and establishing conditions and restrictions for payment of the remuneration;

(g) require the licensee to pay an additional penalty up to the amount of the remuneration accepted by the licensee for the real estate services in respect of which the contravention occurred.

31 (1) Money in a brokerage trust account that is intended as remuneration for a licensee may be withdrawn from the account when it has been earned as determined in accordance with the rules.

(e) particulars of any claim for remuneration by the brokerage, or a related licensee of that brokerage, arising out of the real estate services.

(A) the names of all licensees on whose behalf the remuneration is being held or is anticipated to be received,

(j) require the licensee to pay an additional penalty up to the amount of the remuneration accepted by the licensee for the real estate services in respect of which the contravention occurred.

(b) if none of the remuneration is payable to either another brokerage or a related licensee, into a brokerage account other than

increasing mandatory licensee disclosures regarding representation and remuneration in order to enhance consumer education and awareness

(c) all money held or received on account of remuneration paid as a result of the licensee recommending the products or services of any of the following persons:

5 - 12 To the extent that this is not already dealt with by section 5 - 11 [disclosure of remuneration] of these rules, if a licensee

If a licensee decides that the personal real estate corporation model works for their particular situation, then the manner in which remuneration is paid changes.

referral fee means remuneration paid to any person who refers another person to a licensee or a licensee to another person for the purposes of a licensee providing real estate services.

5 - 15 (1) Money in a brokerage trust account that is intended as remuneration for a licensee is to be considered earned, for the purpose of authorizing withdrawal under section 31 (1)[withdrawal of remuneration from brokerage trust account] of the Act, in the circumstances described in this section.

(3) If trading services are provided by a licensee who has been designated to provide those services as a designated agent to or on behalf of only one party to a trade in real estate, the only remuneration that must be disclosed is the remuneration paid or payable to the licensee's related brokerage in relation to the services provided by that licensee to or on behalf of that party, and the disclosure must be made in accordance with subsection (2).

(iv) in respect of money held or received on account of remuneration for real estate services — a separate trust ledger for each licensee or other intended recipient showing all amounts received and disbursed in relation to the recipient and any unexpended balance in relation to the recipient;

Under the personal real estate corporation model, the remuneration for providing real estate services flows from the brokerage to the personal real estate corporation, not the controlling individual (licensee).

In situations where licensees have formed teams, the distribution of remuneration must be done by the brokerage; that is, the licensed team members (or their respective personal real estate corporations) must be paid separately by the brokerage, not by one of the team member's personal real estate corporations.

5 - 14 (1) A licensee must not request or enter into an agreement for payment of remuneration that is based on the difference between