Every BC real estate licensee must participate in the errors and omissions Indemnity Plan run by the Real Estate Errors and Omissions Insurance Corporation. What is the plan's liability limit for each claim?
Correct Answer
D) $2,000,000 per claim
Since April 1, 2024 the Indemnity Plan limit is $2,000,000 for each claim, with a $2,000,000 annual aggregate; it was $1 million before that. RESA requires licensees to pay the insurance corporation's assessments, and a licence is suspended if they are not paid.
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Under s. 43(1) of Alberta's Real Estate Act, if a Hearing Panel finds that a licensee's conduct was deserving of sanction, what is the maximum fine it may order for each finding?
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