Unit 4: All units Flashcards
Leadership
Authority, responsibility, accountability
Qualities are intrinsic
Attributes of brokers
Entrepreneur
Strategic planner
Communicator
Supervisor
Ethical advisor
Steps to become broker
Real estate associates program: all courses and exams
Real estate brokers program (can be associate or broker)
Broker: 2 years experience in past 5; be employed by brokerage
4-fold test for type of employee
Direction and control
ownership of tools and equip.
chance of profit
risk of loss
Deductibles and liability limits
$3500 for first claim
If another in 3 years, increases to $7000
If can’t pay, license isn’t renewed
Held by defense counsel; if there’s no damages paid, fee is returned to person
Voluntary broker resolution process
brokers take lead in resolving consumer complaints and disputes before RECA or courts; for minor breaches and civil liability
40 days for resolution
VBRP methods
Negotiation: seek a resolution satisfactory to all parties
Mediation: assist in dispute to come to mutual acceptable solution
Practice advisor advice
Transaction-related
General brokerage
Brokerage-to-brokerage
Personal issues
Minor and major misconduct
Assistance w/ resolution options
Preventative steps
No conduct reviews on civil disputes
Only if breach in ACT or RULES
Not providing info from conduct review
Equivalent to PIPEDA
Protection same as PIPEDA
10 privacy principles
Independent and effective oversight
Restrict collection & disclosure of information
FOIPP
Alberta’s government privacy legislation
Health info act (HIA)
collection, use, disclosure of health info
10 Privacy Principles
Accountability
ID Purpose
Consent
Limit collection
Limit use, disclosure, retention
Accuracy
Safeguards
Openness
Individual access
Challenging compliance
Express consent
agree to a stated purpose
verbal or written
Implied consent
volunteers personal information for certain purpose (website info for purchases etc)
intended use is obvious
cannot use more info than is necessary for the transaction
opt-out consent
can opt out of stated purpose; otherwise, consent given
typical in marketing
Legacy information
personal info gathered before privacy legislation made
use for original purpose of collection
have to get new consent to release info
after 20 years since death or 100 years since record created, don’t need consent anymore
Prohibition of updating info
organizations can’t routinely update personal info unless needed for original purpose of collecting it
Damages for privacy obligations
Professional = $10k fine
Brokerage = $100k fine
If there’s RECA sanction, could be up to $25k fine
Confidential info
Any info concerning client including financial & personal
Client is individual, corporation, partnership, other legal entity with a service agreement with RE prof.
Production order
RECA authority to gain access to information for inspection and conduct reviews
Competition law
- Competition Act
Federal consumer protection legislation
Both criminal and civil sections for non-compliance
Administered and enforced by federal Competition Bureau
Federal Competition Bureau
Independent law enforcement agency headed by commissioner of competition
- ensure a competitive and innovative marketplace
Competition Act objectives
Promote efficiency and adaptability of CAD economy
Expand opportunities for CAD participation in world markets and foreign competition here
Ensure small and mdm size businesses have opportunity to participate
Consumers get competitive prices and product choices
Anti-competitive and unfair practices
In RE, conspiracy amoung competitors
False or misleading advertising
Conspiracy amoung competitors
Collusion - agreement that is illegal and secretive to limit competition with deceipt, fraud, misleading
Conspiracies - restrict trade through unfair business practices:
1. price fixing: commissions, splits
2. market division: allocate portions amoungst selves
3. service restriction: limit supply of products/services
4. service refusal: refuse to supply products or services
Prohibited advertising
Promotional contests
Bait and switch selling
Deceptive prize notices
MLM
Pyramids
Double ticketing
Selling above advertised price
Misleading advertising
General impression (partly true, or false, or has two possible meanings)
Material respect
Omissions (true but misleading)
Reverse onus
Prove accuracy and correctness of claims made
Internet enforcement sweeps
Bureau does to detect websites that violate misleading advertising
General impression: test, graphics, narration, animation, media effects do not create false impression
Important info: if not enough room, say so and where to find all the info
Disclosure: accessible to consumers; no active steps required (travel)
Hyperlinks: obvious and clearly labeled
Disclaimer: included and close to representation
Telemarketing requirements
Name of company
Type of service or business being promoted
Purpose of call
Must disclose price of product/service
Restrictions, limitations that must be met
Telecommunications Act
includes national do not call list
passed 1993
administered by crtc
DNCL exceptions
Business relationship already exists
Consent given
Business phone number
Canada’s anti-spam legislation
federal law
spam and electronic threats
created 2014
combat ID theft, phishing, malicious software
Office of the privacy commissioner of Canada
OPC shares responsibility for enforcing CASL
Money laundering
any attempt or act to disguise the source of money or asset derived from criminal activity (organized & terrorist)
Organized crime
international, national, or local groups of highly coordinated criminal organizations for profit
Terrorist groups
perform acts that are intended to endanger people, damage property, disrupt essential services and systems of targeted county or population
Proceeds of Crime, Money Laundering and Terrorist Financing Act (PCMLTFA) & Anti-Terrorist Act enforcement agencies
RCMP, CBSA, CSIS, Public safety Canada, Dept of Finance, CRA, Communications security establishment Canada (CSEC)
Financial transactions and reports analysis centre of Canada (FINTRAC)
Federal agency to detect, prevent, deter money laundering and terrorist activities
Brokerage requirements
Report all cash transactions over $10k
Failure to report is criminal, can get $500k fine, 5 years prison, or both
Workplace safety
situational awareness
hazard assessment
risk elimination/reduction
communication
training
