Chapter 2 – The Real Estate Services Act

Question 1

What are the organizations created by the real estate services act?

Answer 1

One – real estate counsel – the enforce the act, 
- 32 Council Members
– Licensing and education authority
- discipline education license hearings
- cannot fine realtors

Two – real estate foundation
- law reform – Minister of finance +4 members

Three - errors and omissions – Responsible for licensee insurance

Four – compensation fund – for misappropriated funds

Question 2

What does the Real estate development marketing act have to have?

Answer 2

Must have a disclosure statement

At least Five Strata
At least Two co-op