unit 2 Flashcards
office of the register
responsible for RECAS regulatory functions including licensing, prof standards, and conduct reviews
brokerage
legal entity licensed and registered by RECA to trade in real estate
broker
an individual who has a specific responsibility to carry out on behalf of the brokerage
associate broker
holds qualifications of a broker, not authorized to operate a brokerage and can trade.
associates
work with sellers, buyers, and property owners, they can trade in real estate on behalf of the brokerage,
property manager
leasing or offering to lease real estate or negotiating, holding money received in connection with an activity.
if a person is unlicensed as a real estate prof, mortgage broker, or real estate appraisal, there could be a fine up to
$25,000
a person who engages in the business of selling or offering for sale by public, auction, good, wares merchandise.
Auctioneers
license expires after how long when they choose to be registered for the brokerage
36 months
advance suitability review
if an individual is concerned about something in the past that may affect their ability to get a license, they can request this.
REP courses contain
info regarding emerging issues, legislative updates, and industry practice tips.
industry absence for 1 year
complete the registration online application and have the broker submit it to RECA prior to one 1 year from last date of reg
industry absence between 1 year - 36 months
submit ccrc to reca or have RCMP in ottwa submit
complete REAP courses
complete the reg-reinstatement online application
industry absence over 36 months
No longer eligible to be licensed
unprofessional conduct
behavior that is immoral, unethical, or dishonorable
who receives the trusts funds/compensation
brokerages
a person who is in a position of trust and confidence with respect to another person and who has a duty to act solely in the best interests of the other person,
fiduciary
false or misleading statement made by a person who believed it to be true and where the person carrying out the misrepresentation took reasonable steps to assure themselves of the accuracy
negligent misrepresentation
reckless misrepresentation
false/misleading statement made by a person who had no intent to mislead anyone failed to take the responsibility to confirm the truthfulness of the statement
intentional misrepresentation
false/misleading statement made by a person who knew that the statement was untruthful
private conduct
refers to the activities an individual performs that do not require a real estate license
privacy provincial legislation & it applies to brokerages carrying out business in AB
PIPA (professional info protections Act of alberta)
t/f all referral fees which constitute furtherance of a trade in real estate must be paid by & received by the real estate associate
False, paid and received by the brokerage
T/F referral fee can be paid to an unlicensed individual as long as that person is not conducting any activities for which authorization from RECA is required
TRUE
incentives
anything that is advertised, communicated, or offered by the brokerage to the public for attracting business.
inducement
anything that is offered or provided by a brokerage to a specific person who is or could be a party to a potential real estate trade
levels of disclosure in personal trade
level 1
trading in real estate that is represented by another real estate prof from another brokerage
levels of disclosure in personal trade
level 2
trading in real estate with a party that is not represented by a real estate prof
levels of disclosure in personal trade
level 3
trading in real estate with a party that is represented by the same brokerage
common law agency
agency relationship in real estate between the client and the real estate brokerage.
the account where money belonging to others is deposited and held for their benefit, or the benefit of a third party
brokerage trust account
reason for brokerage trust account
keep funds received in the course of a transaction separate from the personal funds.
trustees have the following responsibilities
hold the trust money for the parties
brokerages are required to keep records of brokerage activities and accounting records for
minimum 3 years
advisory note
advice industry prof of a technical breach of legislation considered a sanction
considered the least severe form of discipline, less serious nature or where the industry prof has received an advisory note in the past
letter of reprimand
