Under the Real Estate Services Act (RESA) in British Columbia, what is the maximum period a trading representative licence can be issued for?
Correct Answer
B) Two years
Under RESA, trading representative licences in BC are issued for a maximum period of two years. This ensures regular review of licensee qualifications and compliance with continuing education requirements.
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More Regulatory Compliance Questions
Under FINTRAC regulations, what is the maximum amount for which a real estate professional can accept cash payment without triggering special reporting requirements?
In Ontario, what is the minimum amount of errors and omissions insurance coverage required for registered real estate salespersons?
Which document must be provided to clients in British Columbia before any services are performed under consumer protection legislation?
What is the primary purpose of maintaining separate trust accounts in real estate transactions?
A real estate agent in Alberta receives a $25,000 deposit paid in cash by a buyer. What FINTRAC obligations apply to this transaction?
- → In Ontario, when must interest earned on deposits held in trust be paid to the client?
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- → A real estate brokerage in Ontario discovers a $5,000 shortage in their trust account during a monthly reconciliation. What is the most serious immediate consequence they face under REBBA 2002?
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- → Under FINTRAC regulations, real estate professionals must report which type of transaction?
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Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, real estate professionals must determine beneficial ownership when a corporation is involved in a transaction. What is the minimum ownership threshold that triggers enhanced due diligence requirements?
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Under TRESA in Ontario, what is the maximum period a real estate brokerage can hold client funds in their trust account before depositing them?