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.
Why This Is the Correct Answer
A suspension for a definite period, until conditions are met, or both is correct because TRESA s. 21(3) paragraph 6 lists those three forms. The committee chooses the form and length that fit the case.
Why the Other Options Are Wrong
Deep Analysis of This Regulatory Compliance Question
Background Knowledge for Regulatory Compliance
Memory Technique
Exam Tip for Regulatory Compliance
Real World Application in Regulatory Compliance
Common Mistakes to Avoid on Regulatory Compliance Questions
Key Terms
More Regulatory Compliance Questions
During its monthly reconciliation, an Alberta brokerage determines that its trust account is short by $5,000. Under the RECA Rules, what must the brokerage do?
What legislation governs the licensing and regulation of real estate professionals in Alberta?
In Ontario, what is the minimum amount of errors and omissions insurance coverage required for registered real estate salespersons?
A British Columbia real estate licensee discovers that their client may be using the property purchase to launder money. What is the most appropriate immediate action?
In Alberta, what is the primary purpose of the Real Estate Assurance Fund administered by RECA?
- → During its monthly reconciliation, an Alberta brokerage finds trust funds that cannot be accounted for, and it has not yet determined how large the shortage is. Under Rule 89(1) of the RECA Rules, what must the broker do?
- → A strata management company in BC manages 50 strata corporations. Under RESA, what specific licensing and compliance obligations apply to this company?
- → Under TRESA, who is entitled to the interest earned on money a brokerage holds in its trust account?
- → Under the regulations made under Ontario's TRESA, what is the minimum professional liability insurance coverage for each registrant?
- → What is the minimum amount of professional liability insurance required for licensed real estate salespersons in Ontario under RECO regulations?
- → An Ontario brokerage receives a $50,000 deposit cheque in trust on a Friday evening. By when must it be deposited into the brokerage's real estate trust account?
- → A RECA Hearing Panel finds that a licensee's conduct was conduct deserving of sanction. The licensee disagrees with the decision. Under Alberta's Real Estate Act, what appeal route is available?
- → An Ontario brokerage's monthly trust account reconciliation reveals a $2,000 shortfall. What must the brokerage do?
- → A client gives conflicting identity information, and the salesperson now has reasonable grounds to suspect the transaction is linked to money laundering. What is the brokerage's reporting obligation to FINTRAC?
- → A brokerage's compliance officer finishes reviewing a transaction and concludes there are reasonable grounds to suspect money laundering. Under FINTRAC's guidance, when is the Suspicious Transaction Report due?
People Also Study
Real Property Law
60 questions
Contracts & Agreements
60 questions
Agency & Professional Ethics
60 questions
Mortgage & Real Estate Finance
60 questions
Related Study Resources
Helpful Resources
Previous Question
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?
Next Question
Which statement about how long an Ontario brokerage must keep its trust records is correct under TRESA's regulations?