Under BC's Real Estate Services Act (RESA), which of the following is a category of real estate services requiring a licence?
Correct Answer
B) Trading services (buying, selling or leasing for others)
RESA defines several categories of licensable real estate services: trading services (buying, selling, leasing), rental property management services, and strata management services. Property insurance, home inspection, and moving services are not regulated under RESA.
Why This Is the Correct Answer
Option B is correct because trading services — defined as buying, selling, or leasing real estate on behalf of others — is one of three categories of licensable real estate services under RESA. The other two categories are rental property management services and strata management services. Each category requires specific licensing, education, and compliance with RESA standards.
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- → 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?
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- → 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?
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