A real estate brokerage in Alberta has been operating with an expired license for 45 days while waiting for renewal approval. During this period, they completed three transactions. What are the potential regulatory consequences?
Correct Answer
C) Potential disciplinary action, fines, and requirement to return commissions earned while unlicensed
Operating without a valid license is a serious regulatory violation that can result in disciplinary action, significant fines, and the requirement to return commissions earned during the unlicensed period. Real estate professionals must maintain continuous licensing to legally provide services, and any lapse can have severe consequences regardless of pending renewal applications.
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A real estate brokerage in Alberta discovers that $15,000 in trust funds cannot be accounted for during their monthly reconciliation. What is their immediate regulatory obligation under RECA requirements?
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A real estate brokerage in Canada discovers that two separate cash deposits of $6,000 and $5,000 were received from the same client on the same day for different properties. What FINTRAC reporting obligation applies?