In order to become a real estate professional candidates must successfully complete a comprehensive program of study to prepare them for the complex
business of trading in real estate.
5 - 10.1 A licensee who makes a disclosure under section 5 - 10 (1) to an unrepresented party in
respect of a trade in real estate while representing a client to that trade in real estate must also disclose, in a form approved by the council,
Whether it is the marketing of real estate, promotion of one's business or the
negotiating of a trade in real estate, all the rules today are stacked against the Licensed professional and against the consumer from my point of view.
(1) A registrant who knows or ought to know that a person is a client of another registrant shall communicate information to the person for the
purpose of a trade in real estate only through the other registrant, unless the other registrant has consented in writing.
If you believe a licensee or brokerage may have acted improperly by violating the Real Estate Trading Act, its Regulations or the Commission Bylaw during the
course of a trade in real estate you may contact us to file a written complaint.
(i) in respect of money held or received on
account of trades in real estate — a separate trust ledger for each trade in real estate showing all amounts received and disbursed in relation to the trade and any unexpended balance in relation to the trade;
5 - 17 (1) Despite section 5 - 16, a brokerage may engage in dual agency in respect
of a trade in real estate if the real estate is in a remote location that is under - served by licensees and where it is impracticable for the parties to be provided trading services by different licensees.
A person who is a member in good standing of the Society of Notaries Public of BC is exempt from the requirement to be licensed in respect of negotiating the price or
terms of a trade in real estate and receiving deposit money paid in respect of the real estate.
(2) The designation of one or more licensees as a designated agent does not constitute dual agency under this section unless the licensee designated as the designated agent represents the parties referred to in paragraph (a), (b), (c) or (d) of the definition of «dual agency» as clients in
respect of a trade in real estate.
Although these are the most common situations where conflicts can arise, licensees must be aware that conflicts can occur whenever a licensee becomes involved in more than one
aspect of the trade in real estate.
These being defined as dual agency means the representation, in respect
of a trade in real estate, by the brokerage of the following: (a) both the seller and the buyer as clients; (b) both the lessor and the lessee as clients; (c) both the assignor and the assignee as clients; (d) 2 or more buyers, lessees or assignees, as the case may be, as clients who have conflicting interests in respect of the trade in real estate;
Why is RECO getting inti course planning and delivery rather than spending time prosecuting
all of those trading in Real Estate in Ontario without a licence.
37 -LRB-(1)» A registrant shall not knowingly make an inaccurate representation in respect
of a trade in Real Estate.»
38» A registrant shall use the registrant's best efforts to prevent error, misrepresentation, fraud or unethical practices in respect
of a trade in real estate.»
3 - 3.2 (1) In this section, «designated agent» means one or more licensees designated by the licensee's or licensees» related brokerage as the exclusive licensee or licensees, of all of the licensees related to that brokerage, to provide real estate services to a client of the brokerage in respect
of a trade in real estate.
(3) If a client instructs a licensee to withhold a disclosure required by subsection (2), the licensee must refuse to provide further trading services to or on behalf of that client in respect
of the trade in real estate.
listing brokerage means a brokerage that provides trading services to or on behalf of a seller in respect
of a trade in real estate;
(d) 2 or more buyers, lessees or assignees, as the case may be, as clients who have conflicting interests in respect
of the trade in real estate;
designated agent means one or more licensees designated by the licensee's or licensees» related brokerage as the exclusive licensee or licensees, of all of the licensees related to that brokerage, to provide real estate services to a client of the brokerage in respect
of a trade in real estate;
unrepresented party means, in respect
of a trade in real estate, a party to the trade in real estate who is not a client of a licensee for the trade in real estate.
dual agency means the representation, in respect
of a trade in real estate, by the brokerage of the following:
(c) a recommendation that the unrepresented party seek independent professional advice in respect
of the trade in real estate.
cooperating brokerage means a brokerage that provides trading services to or on behalf of a buyer in respect
of a trade in real estate;
Section 5 - 13 of the Council Rules also provides that if the client instructs the licensee not to disclose the material latent defect, the licensee must refuse to provide further trading services to the client in respect
of the trade in real estate.
«But the Seller Didn't Want to...» The Council Rules are very clear: If a client instructs the licensee not to disclose a material latent defect, that licensee must refuse to provide further trading services to the client in respect
of the trade in real estate (see Section 5 - 13 of the Council Rules).