Chapter 02 : The Real Estate Services Act Flashcards
The Real Estate Services Act
The Real Estate Council is made up of ________ members.
The Real Estate Council is made up of 16 members.
The Real Estate Errors and Omissions Insurance Corporation receives the interest payable on all brokerage trust accounts held in savings institutions except separate trust accounts maintained for specific clients.
(1) True
(2) False
(2) False. It is the Real Estate Foundation, not the Real Estate Errors and Omissions Insurance Corporation, that receives the interest payable on all brokerage trust accounts held in savings institutions except separate trust accounts maintained for specific clients.
What is a brokerage?
A brokerage is a licensee (often corporate) on behalf of which other licensees must provide real estate services.
A ______ account is an account in which money is deposited by one person for the ________ of another. The money is devoted to a particular purpose and _______ be diverted for other purposes.
A trust account is an account in which money is deposited by one person for the benefit of another. The money is devoted to a particular purpose and cannot be diverted for other purposes.
What is an associate broker?
An associate broker is a licensee who meets the educational and experience requirements to be a managing broker, but who is providing real estate services under the supervision of a managing broker.
Exemptions from licensing under the Real Estate Services Act are located in the Act itself, the Regulations and the Rules.
(1) True
(2) False
(1) True
Name the two broad categories of improper conduct by licensees that are set out in the Real Estate Services Act.
The Real Estate Services Act sets out two broad categories of improper conduct by licensees:
- professional misconduct and
- conduct unbecoming a licensee.
What is a disclosure statement?
A disclosure statement is a document, prepared by the developer of a development property in accordance with the Real Estate Development Marketing Act, to ensure that investors or purchasers receive adequate information upon which to base a purchase of a development unit in British Columbia.
As soon as a developer becomes aware of the fact that a _________ ________ does not comply with the Real Estate Development Marketing Act (“REDMA”) or the REDMA Regulation, or contains a misrepresentation, the developer must file and deliver a new or amended one.
As soon as a developer becomes aware of the fact that a disclosure statement does not comply with the Real Estate Development Marketing Act (“REDMA”) or the REDMA Regulation, or contains a misrepresentation, the developer must file and deliver a new or amended one.
What are the responsibilities of a managing broker?
A managing broker is responsible for exercising the rights conferred on the brokerage as well as for the performance of the duties imposed on a brokerage by its licence. In addition, a managing broker is responsible for the control and conduct of a brokerage’s real estate business, including the supervision of its related licensees.
