What is the minimum amount of professional liability insurance required for licensed real estate salespersons in Ontario under RECO regulations?
Correct Answer
A) $1,000,000 per claim
RECO requires all licensed salespersons and brokers to maintain professional liability insurance coverage of at least $1,000,000 per claim to protect consumers from potential professional errors or omissions.
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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?
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- → In Ontario, when must interest earned on deposits held in trust be paid to the client?
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