A BC representative receives a $50,000 deposit from a buyer client on behalf of the brokerage. What does the Real Estate Services Act require the representative to do with it?
Correct Answer
A) Promptly pay or deliver it to the brokerage
RESA s. 27(1) requires a licensee engaged by a brokerage to promptly pay or deliver to the brokerage all money received from or on behalf of a principal in relation to real estate services. The brokerage must then promptly pay it into a brokerage trust account under s. 27(2).
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A BC brokerage's trust account holds $125,000, but its trust ledgers show $130,000 owed to clients. What must the brokerage do?
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A British Columbia real estate licensee discovers that their client may be using the property purchase to launder money. What is the most appropriate immediate action?