1.3 Real estate service act Flashcards
3 services under RESA
Trading, rental property management, strata managment services
The requirement in BC that a real estate agent must possess a license is set out by
the provincial statue
Organizations created by RESA do…
protect the public, imposes licensing requirements, establishes all organizations
Real estate foundation has how many members
5 members. Minister of finance plus 4 members
What is the key power for the office of the superintendent of real estate?
ability to make rules respecting licensing
What does the real estate council do?
enforces the ACT, holds disciplanary hearings, supervising and advancing the educational qualification of licenses
Who hears the decision to discipline a licensee>
The financial services tribunal
What’s the indemnity plan?
insurance coverage and exclusions for real estate licensees in BC
What does the real estate errors and omissions insurance corp do
protect against negligently
Disclosure statement requirements
right to rescind the purchase within 7 days, discloses material interest about property when sold individually
Who does the developer provide a copy of the disclosure statement to?
the superintendent and the purchaser
What is the trust account
money is deposited by one for the benefit of another
What does the real estate boards do
Run MLS, enforces the code of ethics
What does the BCREA do?
advances the interests of real estate licensees.
