Under BC's Real Estate Services Act, what is the minimum amount of errors and omissions insurance coverage required for a licensed real estate brokerage?
Correct Answer
C) $1,000,000 per claim
RESA requires licensed real estate brokerages in BC to maintain errors and omissions insurance coverage of at least $1,000,000 per claim. This protects consumers and ensures brokerages can cover potential liabilities from professional errors.
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Under Alberta's Real Estate Act, what is the maximum period for which a real estate license can be suspended for a first-time minor violation?
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