Sentences with phrase «related licensees»

Obtaining informed consent before acting is also necessary if a brokerage or any of its related licensees wishes to alter an existing relationship; for example, to move from acting on behalf of only one party to a trade to acting as a limited dual agent on behalf of both parties.

It is important to stress that the seller's / landlord's or the buyer's / tenant's informed consent is required before a brokerage or any of its related licensees acts on their behalf.

This brochure explains a variety of relationships that consumers may have with a brokerage and its related licensees.

the duties that a brokerage and its related licensees owe to a client, be that client a seller / landlord or a buyer / tenant;

The written service agreement must clearly indicate the duties of the brokerage and its related licensees that have been modified and how they have been modified, as well as identify what duties have been made inapplicable.

Practice Tip: Put systems in place at the brokerage level to assist all employees and related licensees to manage their time and workloads.

Section 3 - 3 (1)(a) of the Council Rules requires that the brokerage and its related licensees act in the best interests of the client, and section 3 - 3 (1)(b) of the Council Rules requires that the brokerage and its related licensees act in accordance with the lawful instructions of the client.

The brokerage continues to have duties to supervise its related licensees and to not disclose confidential information, and it must treat the interests of all clients in an even handed, objective, and impartial manner.

Section 3 - 3 (1)(f) of the Rules requires brokerages and their related licensees to disclose to their client all known material information respecting the real estate services.

Similarly, under brokerage agency, when a licensee engaged by a brokerage acts as a buyer's agent, the brokerage is appointed as the agent of the buyer, and all of its related licensees assume the agency obligations of the brokerage in relation to that buyer.

Subject to sections 3 - 3.1 and 3 - 3.2, if a client engages a brokerage to provide real estate services to or on behalf of the client, the brokerage and its related licensees must do all of the following:

In such circumstances, when they are engaged by a client to provide real estate services, the brokerage and its related licensees must:

This is true whether these internal arrangements relate to the manner in which remuneration is shared between a brokerage and its related licensees, or the manner in which remuneration is shared between licensees or with unlicensed employees of the same brokerage.

It is important to remember that under brokerage agency practice, when a licensee engaged by a brokerage lists a property for sale, the brokerage is appointed as the agent of the seller, and all of the brokerage's related licensees assume the agency obligations of the brokerage in relation to that seller.

These distinctions are important for both the brokerage (and its related licensees) and the buyer / tenant or the seller / landlord to consider, since the nature of the relationship that is established, whether sole agency, limited dual agency, or no agency, determines the duties and obligations of the brokerage and its related licensees, as well as the level of assistance and representation that the party will receive.

When providing real estate services, the nature of the relationship that is created between the buyer / tenant or seller / landlord and the brokerage, including its related licensees, is important.

Section 3 - 3 of the Council Rules Subject to sections 3 - 3.1 and 3 - 3.2, if a client engages a brokerage to provide real estate services to or on behalf of the client, the brokerage and its related licensees must do all of the following:

The «TO CLIENT BROKERAGE SOLE AGENCY» column describes the obligations that a brokerage and all of its related licensees owe to their clients in a brokerage agency relationship when acting as a sole agent.

An important point for brokerages and their related licensees to keep in mind is that their clients must agree to the limitations placed on a licensee's usual duties before the licensee acts as a limited dual agent.

* Brokerages and their related licensees must ensure that an unlicensed assistant obtains direction from a licensee or the strata corporation client before a decision on expenditures is made which would bind the strata corporation client to costs or liabilities that are not covered under a maintenance contract.

The following chart outlines the various obligations that a brokerage and / or its related licensees have depending on the nature of the relationship that is established.

(5) If the council approves a team name for a group of related licensees, real estate advertising may also identify the group by this team name.

8 - 1 (1) A brokerage must prepare and retain such financial records in connection with its business as are necessary to ensure the appropriate and timely accounting of all transactions relating to real estate services provided by the brokerage and its related licensees.

3 - 3 Subject to sections 3 - 3.1 and 3 - 3.2, if a client engages a brokerage to provide real estate services to or on behalf of the client, the brokerage and its related licensees must do all of the following:

(a) do not apply to any of the related licensees of the brokerage other than the designated agent or agents, and

(a) immediately surrender to the council the brokerage's licences and the licences of all related licensees that are in the possession of the brokerage;

(3) If the council has given permission under subsection (1)(b), section 23 (3)[related licences become inoperative] of the Act does not apply to the licences of the brokerage and its related licensees until the end of the period referred to in subsection (2) of this section.

(i) if the service brokerage has no related licensees other than a managing broker, in accordance with the instructions of the service brokerage;

If the office is used by related licensees to only complete paperwork and make telephone calls, and the office does not have any signage to indicate that it is a real estate office, it will not be required to obtain licensing under the Act.

(b) the related licensees who are licensed in relation to that brokerage and engaged by the brokerage at the time of that reinstatement,

(3) Subject to the rules, if the licence of the only managing broker for a brokerage becomes inoperative or is suspended or cancelled, the licences of the brokerage and its related licensees become inoperative, effective as of the time at which the managing broker licence becomes inoperative or is suspended or cancelled.

This managing broker would then be required to be actively engaged and provide an adequate level of supervision for all of the office locations and would be responsible for all related licensees of the offices.

As a managing broker, you are responsible for the supervision and conduct of related licensees as required under Section 6 (2) of the Real Estate Services Act and section 3 - 1 of the Rules.

the real estate council may amend the licences of the related licensees of the brokerage to reflect the conditions and restrictions applicable to the brokerage licence.

(c) the licences of the brokerage, and the licences of all related licensees that are in the possession of the brokerage, have been or will be returned immediately to the council;

If the Council approves a team name for a group of related licensees, real estate advertising may also identify the group by its team name (section 4 - 6 of the Rules); e.g. «The AV Team,» where «The AV Team» is neither the licensed brokerage nor a registered trade name.

immediately surrender to the Council the brokerage's licences and the licences of all related licensees that are in the possession of the brokerage;

A managing broker must always be aware of the nature of the relationship the brokerage and its related licensees have with the consumers to whom real estate services are being provided because these relationships carry with them varying responsibilities for the brokerage and its related licensees.

The most significant limitation is that the brokerage and its related licensees will act impartially, not favouring the interests of one client over those of the other.

Section 3 - 3 (1)(i) requires the brokerage and its related licensees to «take reasonable steps to avoid any conflict of interest».

This obligation applies to brokerages and related licensees when providing real estate services.

Under brokerage agency, when the brokerage is acting as a limited dual agent, the brokerage and these competing clients have agreed that the duties and obligations of the brokerage and its related licensees are to be limited.

Under brokerage agency, this transaction typically becomes one where the brokerage and its related licensees become limited dual agents, with the consent of the clients, and the clients» interests are treated impartially.

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.

(b) the related licensee is licensed in relation to, and engaged by, the brokerage at the time of that reinstatement,

(ii) providing for a related licensee of a brokerage to act as a managing broker for the brokerage in the temporary absence of a managing broker for the brokerage;

(iii) an employee of the licensee, of the responsible brokerage or of another related licensee of that brokerage, or

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

23 (1) If a brokerage licence becomes inoperative or is suspended or cancelled, the licence of any related licensee becomes inoperative, effective as of the time at which the brokerage licence becomes inoperative or is suspended or cancelled.

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