UBC Sauder: Chapter #2
What is the #1 purpose for RESA? - Correct Answer-#1 is to protect the public.
What are some activities that require having a Real Estate license? (3) - Correct
Answer-1. Trading Services
2. Rental property management
3. Strata management
Define: Trading Services - Correct Answer-Any activities that involve trade in real estate
including services like:
- Advising on the price of a property
- Making representations about RE
- Finding real estate for a party to acquire
- Showing the property
- Negotiating the price or terms
- Presenting offers
- Receiving deposit $, or rent $.
Do you need to be licensed if you are a rental or property manager? (eg. such as
collecting strata fees?) - Correct Answer-Yes. Anyone involved in rental service must be
a licensed real estate representative.
What are some exemptions to individuals that can work in the industry but do not need
to acquire a RE Licence? - Correct Answer-- Employees of the principal (e.g.: secretary)
- Individuals providing referral services
- Property inspectors (appraisers)
- Individuals acting on behalf of a developer
- Notaries
- Accountants
- Auctioneers
What does RESA stand for? - Correct Answer-The Real Estate Services Act (RESA)
What does REDMA stand for? - Correct Answer-Real Estate Development Marketing
Act (REDMA)
What does RESA do? - Correct Answer-Imposes licensing requirements on persons
who:
- Provide real estate services
- Realtors
, - Rental Management
- Strata Management
What does REDMA do? - Correct Answer-Imposes disclosure obligations on developers
marketing real estate such as:
- Strata Lots
- Coops
- Time Share
- Shared interests
Can licence assistants be paid by commission? - Correct Answer-A assistant cannot
perform any of the duties of a realtor and MUST not be paid on a commission basis.
Real Estate Council (Duties and Power) - Correct Answer-- Protect the public's interest
- Hold hearings to investigate the conduct of Licensees
- Hold disciplinary hearings
- Make bylaws that established info required on a license application
- Provide an educational program
- Administering the Act, bylaws and rules
- Levies and fees on all licenses in order to meet the Council's expenses
- Collect premiums and assessments from licensees on behalf of the Real Estate Errors
and Omissions Insurance Corporation
- Disciplinary arm of the Real Estate industry,
- Disciplining of Brokerages for failing to carry out supervisory responsibilities
- Has the Authority to subject Brokerages to disciplinary hearings for the actions of their
representatives.
The RE Council is composed of how many members? - Correct Answer-16
(13 are elected, 3 appointed; 3 Representatives, 9 managing brokers, 1 rental or strata
management licensee and 3 government appointees)
What is the purpose of the RE Foundation? - Correct Answer-Real Estate Education,
research, law reform, and receives interest payable on all brokerage trust accounts.
RE: Errors and Omissions Insurance - Correct Answer-Affordable method of protecting
licensees from financial loss due to errors or omissions (up to 1 million).
RE: Compensation Fund Corporation - Correct Answer-Insurance Fund intended to
provide compensation to persons involved in a real estate transaction where funds were
misappropriated.
(Eg: Theft of trust funds)
Real Estate Board - Correct Answer-Enforce code of ethics.
What is the #1 purpose for RESA? - Correct Answer-#1 is to protect the public.
What are some activities that require having a Real Estate license? (3) - Correct
Answer-1. Trading Services
2. Rental property management
3. Strata management
Define: Trading Services - Correct Answer-Any activities that involve trade in real estate
including services like:
- Advising on the price of a property
- Making representations about RE
- Finding real estate for a party to acquire
- Showing the property
- Negotiating the price or terms
- Presenting offers
- Receiving deposit $, or rent $.
Do you need to be licensed if you are a rental or property manager? (eg. such as
collecting strata fees?) - Correct Answer-Yes. Anyone involved in rental service must be
a licensed real estate representative.
What are some exemptions to individuals that can work in the industry but do not need
to acquire a RE Licence? - Correct Answer-- Employees of the principal (e.g.: secretary)
- Individuals providing referral services
- Property inspectors (appraisers)
- Individuals acting on behalf of a developer
- Notaries
- Accountants
- Auctioneers
What does RESA stand for? - Correct Answer-The Real Estate Services Act (RESA)
What does REDMA stand for? - Correct Answer-Real Estate Development Marketing
Act (REDMA)
What does RESA do? - Correct Answer-Imposes licensing requirements on persons
who:
- Provide real estate services
- Realtors
, - Rental Management
- Strata Management
What does REDMA do? - Correct Answer-Imposes disclosure obligations on developers
marketing real estate such as:
- Strata Lots
- Coops
- Time Share
- Shared interests
Can licence assistants be paid by commission? - Correct Answer-A assistant cannot
perform any of the duties of a realtor and MUST not be paid on a commission basis.
Real Estate Council (Duties and Power) - Correct Answer-- Protect the public's interest
- Hold hearings to investigate the conduct of Licensees
- Hold disciplinary hearings
- Make bylaws that established info required on a license application
- Provide an educational program
- Administering the Act, bylaws and rules
- Levies and fees on all licenses in order to meet the Council's expenses
- Collect premiums and assessments from licensees on behalf of the Real Estate Errors
and Omissions Insurance Corporation
- Disciplinary arm of the Real Estate industry,
- Disciplining of Brokerages for failing to carry out supervisory responsibilities
- Has the Authority to subject Brokerages to disciplinary hearings for the actions of their
representatives.
The RE Council is composed of how many members? - Correct Answer-16
(13 are elected, 3 appointed; 3 Representatives, 9 managing brokers, 1 rental or strata
management licensee and 3 government appointees)
What is the purpose of the RE Foundation? - Correct Answer-Real Estate Education,
research, law reform, and receives interest payable on all brokerage trust accounts.
RE: Errors and Omissions Insurance - Correct Answer-Affordable method of protecting
licensees from financial loss due to errors or omissions (up to 1 million).
RE: Compensation Fund Corporation - Correct Answer-Insurance Fund intended to
provide compensation to persons involved in a real estate transaction where funds were
misappropriated.
(Eg: Theft of trust funds)
Real Estate Board - Correct Answer-Enforce code of ethics.
