unit 4 Flashcards
independent contractor
a person hired on contract for specific services.
homeowner insurance
Real estate prof carrying any electronics which can be stolen, damaged, can be recovered through this
policy that provides broad coverage for claims made against the insured for bodily injury or damage or property of others for which the insured may become liable
comprehensive general liability
professional liability or errors & omissions
protects the insured against legal actions
represents a pooling of risk, subscribers agree to create a pool of money to be used to satisfy claims
reciprocal insurance
insurance coverage
coverage for errors, omissions, or negligent acts causing damage or loss resulting from the prof services trading in real estate
demand letter
letter demanding payment or other action often sent & received by the individual involved in a dispute
first claim
deductible applicable under REIX is $3500
claims made by subscribers within 3 years of the first claim increase to
$7000
omissions
eg )
actions that were not done for sellers or buyers
failure to follow up with seller/buyer
failure to disclose certain info
cognitive reactions
often involve observing, listening and reflecting
intrabrokerage
interbrokerage
complaints & disputes that arise between real estate prof in SAME brokerage
complaints & disputes between diff brokerages
this process enables brokers to take the lead in resolving consumer complaints & disputes prior to or in lies of a former investigation by RECA
voluntary broker resolution process (VBRP)
commercial activity
any transaction, act or conduct that involves the exchange of goods/services
PIPEDA Is what legislation
federal
PIPA is what legislation
provincial
express consent
may be given verbally or in writing, least likely to give misunderstanding. Use when info is sensitive
implied consent
the individual does not specifically give consent but volunteers their personal info
Less sensitive
opt-out consent
allows individuals to deny an organization to use their personal info
Ensure Canadian businesses and consumers prosper in a competitive and innovative marketplace.
Ensure there’s no competition within Canadian markets
competition act
price fixing
attempting to or agreeing to fix the price of a product/service
attempting to o r agreeing to divide the market or allocate portions of it among themselves
market division
prohibits performance claims that are not based on adequate & proper tests conducted before the claims are made. eg) sell your house with city’s top seller
performance claims
property manipulation
purchasing a property using dirty money and then manipulating the value of property to launder eillicit funds
transaction manipulation
a property owner who agrees to sell his/her property & falsify info in the documents
sets the standards to protect and promote the health and safety of employees throughout the province
occupational health & safety act (OHS)
discrete escape
finding a way to move away from the threat calmly
direct escape
quickly exit the situation
Commission
an act is done for sellers/buyers that did not meet their approval and created issues for them.
3 components of leadership that relate to the broker
authority, responsibility, accountability
purposes for institutional advertising by brokerages?
To promote the services offered by the brokerage
To promote awareness of the brokerage among consumers
attempts to seek a resolution satisfactory to all parties that is based on the interest of each party as opposed to their specific position on the matter
negotiation
seeks to assist disputing parties in arriving at a mutually acceptable solution
mediation
attempts to seek a resolution satisfactory to all parties that are based on the interest of each party as opposed to their specific position on the matter . Only broker can do it
negotiation
mediatior
talks to both parties, hears both of them, makes a decision at the end
Real estate brokerages must report suspicious transactions to which of the following organizations
FINTRAC
real estate insurance exchange
provides finanical protection to its subscribers by administering a mandatory program
the type of program represented by REIX
reciprocal insurance program
insurance coverage
for errors, omissions, negligent act causing damage or loss
payment of REIX premiums due?
Sept 30
legal notice registered against the title of property warning a claim has been made
caveat
t/f broker has 40 days to achieve a successful resolution
true
conduct deserving of sanction (RECA)
conduct contravenes real estate act/rules
determined by the executive director
private legal action between disputing parties established by the courts as to the responsibility of the defendant for errors. omissions, negligent acts which give rise to damages
civil liability
VBRP
resolve minor conduct, any civil liability concerns
personal info is referred as
privacy legislation or privacy law
info that is not readily accessible, may include sensitive commercial/business info
confidential info
brokerage info barriers
confidential client info is protected from possible privacy breaches
maybe put into effect if RECA has knowledge that the info requested is connected to a possible contravention of the real estate ACT
production order
refers to an individual’s ability to control his/her personal info
privacy
max fine if convicted of an offense under PIPDA
$10,000 for individuals, $100,000 for businesses
general advertising to the public done by the brokerage
institutional advertising
money laundry involves two diff groups
organized crime group, the terrorist group
a person whose name property or other assets are transferred in order to facilitate a financial or real estate transaction on behalf of another person
nominee
a conviction for failure to retain records or to identify sellers/buyers could lead to fines up to
$500,00 or 5 yrs jail
