Under BC's Real Estate Services Act, when must a brokerage pay deposit money it receives for a principal into its trust account?
Correct Answer
A) Promptly; the Act sets no fixed deadline
RESA s. 27(2) says a brokerage must promptly pay into a brokerage trust account all money held or received from, for or on behalf of a principal in relation to real estate services. Neither the Act nor the Rules set a fixed next-day or three-day deadline.
Why This Is the Correct Answer
Section 27(2) uses "promptly", with no fixed deadline.
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A buyer relied reasonably on a Form B Information Certificate that did not disclose a special levy the strata had already approved. Under the Strata Property Act, what is the effect of the certificate?
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