In Alberta, which situation would allow a licensed real estate professional to operate without errors and omissions insurance?
Correct Answer
A) No situation allows operation without required insurance
Alberta's Real Estate Act requires all licensed professionals to maintain errors and omissions insurance at all times while licensed. There are no exceptions that allow operation without this mandatory insurance coverage, regardless of transaction type or client relationship.
Why This Is the Correct Answer
Alberta's Real Estate Act mandates that all licensed real estate professionals maintain errors and omissions insurance continuously while holding an active licence. This requirement is absolute and applies universally to all licensees regardless of the type of transactions they handle, their client relationships, or any other circumstances. The legislation provides no exceptions, exemptions, or grace periods that would permit a licensed professional to operate without this mandatory insurance coverage.
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