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Real Estate Licensing Regulations
Real Estate Licensing Regulations
Under the authority of section 51 of the Real Estate Trading Act and the Subordinate Legislation Revision and Consolidation Act , the Lieutenant-Governor in Council makes the following regulations.
1. These regulations may be cited as the Real Estate Licensing Regulations .
2. In these regulations "Act" means theReal Estate Trading Act .
3. (1) An application for a licence as an agent or restricted agent shall be made to the superintendent
(a) where the applicant is a partnership or corporation in the form prescribed by the minister; or
(b) where the applicant is a sole proprietor in the form prescribed by the minister.
(2) [Rep. by 60/97 s1]
(3) Application for a licence shall be made on a form prescribed by the superintendent.
4. (1) The superintendent shall require every person applying for an agent's or a salesperson's licence to write and pass an examination to be prescribed by the superintendent.
(2) The superintendent shall not renew the licence of an agent or salesperson who has not traded in real estate during the 2 year period immediately preceding the date of his or her application for renewal unless the agent or salesperson first writes and passes the prescribed agent's or salesperson's examination.
(3) This section does not apply to a restricted agent's or a restricted salesperson's licence.
202/79 s4; 60/97 s2
5. A person who has never held a real estate agent's licence under these regulations shall not write a real estate agent's examination unless he or she has been actively trading in real estate in a province of Canada for a total of 2 years during the 3 year period immediately preceding the date of his or her application for an agent's licence or has equivalent experience satisfactory to the superintendent.
Time and place of examination
6. Examinations for determining the qualifications of a person to be licensed as a real estate agent or salesperson may be held at a time and place the superintendent may prescribe.
7. (1) The amount of a bond required under section 19 of the Act shall be
(a) where the applicant is an agent or restricted agent, $15,000; and
(b) where the applicant is a salesperson or restricted salesperson, $5,000.
(2) The bond referred to in subsection (1) shall be issued by an assurance or surety company that is authorized to carry on business in the province according to the laws of the province and shall be in a form that is approved by the superintendent.
Books and records
8. (1) The record of trade kept by an agent under subsection 28(1) of the Act shall be maintained on a daily basis in a form prescribed by the minister.
(2) The record maintained by the agent under subsection (1) shall contain information pertaining to all offers to purchase received by the agent.
Trust account record
9. (1) The daily trust account record maintained by an agent under subsection 28(2) of the Act shall consist of an individual ledger card or sheet in a form prescribed by the minister for each person from whom or on whose behalf trust money has been received.
(2) The ledger cards or sheets referred to in subsection (1) shall be maintained in alphabetical order.
Trust account reconciliation
10. Every agent shall perform a trust account reconciliation on a monthly basis showing the reasons for differences between bank statement figures and those contained in the trust account records.
10.1 A trust account established under section 29 of the Act shall be audited annually by a person who is a public accountant licensed under the Chartered Professional Accountants and Public Accountants Act and a statement in the form approved by the superintendent respecting the trust account, together with the audit reports in the form approved by the superintendent, shall be submitted by an agent to the superintendent not more than 90 days after the end of the preceding fiscal year.
In addition to the requirements of section 10.1, an agent shall prepare a statement in the form approved by the superintendent concerning the trust account established under section 29 of the Act and submit the statement to the superintendent within 30 days of the semi-annual reporting date of the agent.
11. (1) Every agent or salesperson who receives a deposit under a trade in real estate shall immediately deliver to the depositor a written receipt acknowledging the deposit.
(2) Every agent shall maintain a copy of receipts issued under subsection (1) as part of his or her records.
Records to be kept for 7 years
12. Every agent shall keep and maintain in his or her office for a period of 7 years from the date of making, all books, accounts, records, purchase and sale agreements, deposit books, cancelled cheques, bank statements, receipts and other documents required to be maintained by an agent under the Act or these regulations.
13. The Real Estate Licensing Regulations, 1979, Newfoundland Regulation 202/79, are repealed.