Sentences with phrase «trust by real estate licensees»

A fund set up in Nova Scotia to protect consumers from financial loss due to fraud or breach of trust by real estate licensees has become a sore spot for some brokers and sales reps, who say they've contributed more than enough.

Not exact matches

With respect to trust accounts, the amended statute provides that real estate brokers and licensed real estate property managers may not commingle funds in a client trust account, with the exception of compensation earned in connection with a real estate sale, purchase, or exchange transaction.2 Commingling is defined as «the mixing of funds from any source, including personal funds, with trust funds... by a licensed real estate property manager or principal real estate broker.3 Licensees do not need to create a trust account when acting only as a courier conveying a check payable to the seller from the purchaser.4

A rental property management service agreement between the brokerage and the client would be necessary, and if the rent is to be collected by the licensee, the trust accounting requirements of the Real Estate Services Act apply.

287 DOS 98 Matter of DOS v. Uqdah Realty & Management Corp. — deposits; jurisdiction; fraudulent practices; failure to pay judgment; vicarious liability; notary public; disclosure of agency relationship; broker violated 19 NYCRR 175.1 when he deposited escrow funds into his operating account; broker committed conversion when his operating account fell below deposit amount; broker engaged in fraudulent practices when he illegally retained buyer's trust funds and attempted to qualify prospective buyer for mortgage by falsely stating their employment; broker failed to disclose his agency relationship to his client; failure to pay judgment; corporate real estate broker vicariously liable and charged with actual knowledge of violation of law because of representative broker's cognizant misconduct as corporate officer; broker is not required to deposit a refundable commission in an escrow account unless contractually demanded; corporate broker and representative broker's license revoked; restitution of deposit of $ 12,000 plus interest; notary public commission revoked based on misconduct as a real estate licensee

107 DOS 98 Matter of DOS v. Sosis - subject matter jurisdiction; due process; failure to appear at hearing; proper business practices; deposits; fraudulent practice; DOS fails its burden of proof; DOS has subject matter jurisdiction if at the time the disciplinary proceeding was commenced by proper service of a notice of hearing and complaint the party was (i) licensed to engage in regulated real estate activities, or (ii) an applicant for either a license or for the renewal of a license to engage in regulated real estate activities, or (iii) eligible to automatically renew the prior license under the two - year limitation provision of RPL § 441 (2); ex parte hearing is permissible upon proof of proper notice of hearing; DOS has subject matter jurisdiction where party was licensed at the time proceeding was commenced and, where at time of hearing, although not licensed was eligible to automatically apply to renew pursuant to RPL § 441 (2); licensee operated a real estate brokerage business under an unlicensed name; licensee unlawfully retains deposit funds after deposit monies were delivered on the condition that same were to be disbursed only on the principal's consent and approval and said consent and approval was not given; licensee's illegal exercise of right of ownership over his principal's funds spawns conversion and constitutes a fraudulent practice; DOS fails its burden of proof to establish licensee failed to deposit trust funds in a segregated escrow account, engaged in fraud and changed business location without notice to DOS; restitution ordered in the amount of $ 1,900 plus interest, fine of $ 1,000 and any further application for licensure shall not be considered until applicant pays said fine and provides proof of payment of restitution

a.) defining a word or expression used but not defined in this Act; b.) exempting classes of persons from the requirement to be licensed in order to provide real estate services and establishing restrictions and conditions in relation to an exemption; b. 1) respecting a minimum rate of interest for a brokerage trust account; c.) conferring additional powers and imposing additional duties and restrictions on the real estate council and council members, including by prescribing matters respecting which the real estate council may or must make rules and bylaws; d.) imposing fees or assessments to be paid by licensees in relation to the issuing, reinstatement or amendment of a licence and, in relation to this,

Section 27 of RESA requires that all monies received by a licensee in relation to real estate services must be promptly paid or delivered to the licensee's brokerage and the brokerage must promptly pay the funds into a brokerage trust account.