Under the Real Estate Services Act, what can happen to an individual who provides trading services in BC without a required licence?
Correct Answer
D) Up to $1.25 million or 2 years' jail, or both, and no suing for fees
Unlicensed activity breaches RESA s. 3 and is an offence under s. 118; under s. 119(2) an individual faces, on a first conviction, a fine up to $1.25 million, imprisonment up to 2 years, or both. Section 4 also bars an unlicensed person from suing for remuneration. Separately, the superintendent may impose an administrative penalty of up to $250,000 on an individual under s. 49.
Why This Is the Correct Answer
Sections 118-119 make unlicensed trading an offence with those maximums, and s. 4 prevents recovery of remuneration.
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Under the RECA Rules, when must an Alberta real estate professional disclose a conflict of interest, such as a personal interest in a property, to a client?
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Under BC's Real Estate Services Rules, which of the following is a disclosure obligation of a trading services licensee representing a buyer?