Regulation BEFORE repealed by BC Reg 600/2004, effective January 1, 2005.
| B.C. Reg. 12/85 Treasury Board | Deposited February 4, 1985 effective February 4, 1985 |
Financial Administration Act
Retention of Commission by Self-Regulatory Organizations Regulation
| Contents | ||
|---|---|---|
| 1 | Interpretation | |
| 2 | Repealed | |
| 3 | Real Estate Act fees | |
| 4 | Repealed | |
| 5 | Records | |
| Schedule 1 | ||
| Schedule 2 | ||
| Schedule 3 | ||
Interpretation
1 In this regulation:
"designated organization" means the Vancouver Stock Exchange or the Pacific District of the Investment Dealers Association of Canada;
"Real Estate Council" means the Real Estate Council continued under the Real Estate Act;
"self-regulatory organization" means the Real Estate Council and a designated organization;
"superintendent" means the Superintendent of Brokers.
[am. B.C. Reg. 300/89, ss. (a), (b), (c).]
Real Estate Act fees
3 (1) Where the Real Estate Council, under the Licensing Transfer Regulation, issues, renews, amends, transfers or reinstates a licence or performs any other service listed as an item in Column A of Schedule 2 for which it collects, on behalf of the Superintendent of Real Estate, the fee set out in Column B opposite that item, the Real Estate Council is authorized to deduct from that fee and to retain, as a commission, the amount set out in Column C opposite that item before remitting to the Superintendent of Real Estate the amount set out in Column D opposite that item.
(2) Where a licensee surrenders his licence within the first year of the licence period, and the self-regulatory organization returns to the licensee 50% of the licence fee paid for that service performed by the self-regulatory organization, the commission retainable by the self-regulatory organization is increased by 50% of the amount returned to the licensee and a subsequent remission of money to the superintendent may be reduced by that amount.
[am. B.C. Reg. 342/93, s. 1]
Records
5 A self-regulatory organization shall in respect of all fees collected
(a) maintain complete legible records that conform to generally accepted accounting principles,
(b) on the request of the Minister of Finance and Corporate Relations, the Auditor General, the superintendent or the Superintendent of Real Estate, make all records available for audit or inspection, and
(c) submit to the superintendent or the Superintendent of Real Estate within 7 business days after the end of each month a Fee Collection and Commission Report in a form approved by the superintendent or the Superintendent of Real Estate.
[am. B.C. Regs. 22/87, s. 1; 342/93, ss. 2, 3.]
Repealed. [B.C.Reg. 300/89, s. (d).]
(Section 3)
[am. B.C. Reg. 342/93, s. 4]
Real Estate Act Fees
| COLUMN A Licence or Service | COLUMN B Fee Prescribed by B.C. Reg. 75/61 | COLUMN C Amount to be Retained by the Real Estate Council | COLUMN D Amount of fee to be Remitted to Superintendent of Real Estate |
| 1 For an agent's licence or renewal | $100 | $50 | $50 |
| 2 For a nominee's licence or renewal | $100 | $50 | $50 |
| 3 For a salesman's licence or renewal (including branch manager salesman) | $100 | $50 | $50 |
| 4 For a branch office licence or renewal | $50 | $25 | $25 |
| 5 For amendment, transfer or reinstatement of a licence during the term of the licence | $100 | $50 | $50 |
| 6 For an agent's licence under section 9.15 of B.C. Reg. 75/61 | $100 | $50 | $50 |
Repealed. [B.C. Reg. 121/2002.]
[Provisions of the Financial Administration Act, R.S.B.C. 1996, c. 138, relevant to the enactment of this regulation: section 14]