RECO's discipline committee finds that an Ontario salesperson breached the trust account rules for the first time. Under TRESA s. 21, which statement about suspension is correct?
Correct Answer
D) It may suspend for a set period, until conditions are met, or both
TRESA s. 21(3) lets the discipline committee suspend a registration for a definite period, until conditions it specifies are met to the registrar's satisfaction, or for a definite period followed by those conditions. The Act sets no fixed maximum for a first violation, and nothing makes suspension automatic. The committee may also order education, fines, conditions, revocation or costs.
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Once money comes into an Ontario brokerage's hands in trust, what is the longest it may wait before depositing the money into its real estate trust account?
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