Chapter 3 – The Real Estate Services Act and The Saskatchewan Real Estate Commission Bylaws

Question 1

When a buyer receives the use of a unit for a period of time rather than a direct ownership interest in a property, this is referred to as a ________.

Answer 1

time-share plan

Question 2

The Real Estate Insurance Exchange provides professional liability insurance for ____________.

Answer 2

errors, omissions, or negligent acts causing damage or loss occurring as a result of performing professional services while trading in real estate

Question 3

An account where money is deposited by one for the benefit of another is a ________. The money is devoted to a particular purpose and cannot or should not be diverted for other purposes.

Answer 3

trust account

Question 4

What are a broker’s three primary responsibilities?

Answer 4

1) Responsibility for the brokerage;
2) Responsibility for exercising the rights conferred on the brokerage and the performance of duties imposed on the brokerage by its licence; and
3) Responsibility for the control and conduct of the brokerage’s real estate business, including the supervision of its related registrants.

Question 5

A complaint against a registrant can originate from a number of sources, including _________.

Answer 5

the public; a registrant; the Association of Saskatchewan REALTORS®; a local board committee; the Superintendent of Real Estate; the Saskatchewan Real Estate Commission on its own volition

Question 6

A registrant providing real estate services under the supervision of a broker is a _______.

Answer 6

salesperson

Question 7

An associate broker is a registrant who ___________.

Answer 7

meets the educational and experience requirements to be a broker, but who is providing real estate services under the supervision of a broker

Question 8

A branch manager is a registrant who ____________.

Answer 8

meets the educational and experience requirements to be a managing broker, has signing authority for all matters pertaining to their branch office, and has the supervisory responsibilities of a broker over that branch manager’s branch office.

Question 9

When a person deliberately misrepresents information to obtain mortgage financing that would not have been granted if the truth had been known, this constitutes ______.

Answer 9

mortgage fraud

Question 10

A registrant (commonly a firm) on behalf of which other registrants provide real estate services is referred to as a _______.

Answer 10

brokerage