Chapter 2 Flashcards
What is a brokerage
Is a licensee on behalf of which other licensee must provide services
Requirement in BC that a real estate agent must post license in set by
Provincial
According to the real estate act and regulations which of the following statement is true
A real estate representative is employed by his brokerage to trade in real estate in the brokers name on behalf of the broken clients
Real estate service act
GOD - Established
RESA
Real estate Council and super tenant of real estate
EnForce is the act
Supervising and
advancing the EDUCATION QUALIFICATION Of licensees
LEVYING
INVESTIGATE
If the real estate Council had to take you to court which court would you go to
Financial Services Tribunal
Real state council does not
No law reform
No code of ethics
Office of superintendent of real estate
Investigate disciplines licensees unlicensed activity only if the council has not already acted
Real estate foundation
Real estate law reform
Education - Exam
Foundation collects interest from deposit
Real estate errors and omissions insurance
Indemnity plan - insurance coverage up to million dollars.
Agents
NEGLIGENTLY
Real estate compensation fund
Provide compensation in relation to a real estate transaction for funds that were miss appropriate
11 Real estate board
Mom ❤️❤️❤️
RUNS MLS
Enforces the code of ethics
BCREA
Public relations
Government consultation
Standard form
Ongoing education
ADVANCING THE INTEREST OF REAL LICENSES- reputations
Duties and power to the real estate Council
Supervising educational qualifications of licenses
Real estate Development Marketing Act - REDMA
Purchaser Protects by requiring development
Meet requirements or approvals on the property
To ensure the purchasers title
File disclosure statement in the form acquired by the superintendent of real estate
