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B.C. Reg. 75/61
O.C. 1290/61
| This archived regulation consolidation is current to December 3, 2004 and includes changes enacted and in force by that date. For the most current information, click here. |
Real Estate Act
[includes amendments up to B.C. Reg. 135/2004]
1.01 In this regulation, unless the context otherwise requires:
"Act" means the Real Estate Act;
"company" means a corporation as defined by the Interpretation Act;
"licence" means a licence issued under the Act, and "licensed" and "licensee" have corresponding meanings;
"licence period" means the period from the date of issue to the day before the second annual anniversary date of the date of issue;
"secretary" means the secretary of the council.
[am. B.C. Regs. 264/66; 551/82, s. 1.]
Division 2 — Nomination and Election of Council Members
2.01 (1) The first election of members of the Real Estate Council shall provide for the election of 7 agent or nominee members and one salesman member for the term of one year, and 7 agent or nominee members and 2 salesmen members for the term of 2 years. Each annual election after the first election shall fill, for a term of 2 years, the vacancies in the category of membership for each district required under section 11 of the Act.
(2) For the first election the members elected for one year shall be
(a) the salesman elected pursuant to section 11 (5) (h) of the Act,
(b) 3 agents or nominees from district 1,
(c) one agent or nominee from district 2,
(d) one agent or nominee from district 3, and
(e) 2 agents or nominees from district 4.
[en. B.C. Reg. 106/81.]
2.02 The date of the election of members of the council shall be the second Wednesday in May of each year.
[en. B.C. Reg. 106/81.]
2.03 On or before March 15 in each year, the secretary of the council shall mail to all licensees a notice, accompanied by a form of nomination paper approved by the superintendent, that the nomination of candidates for election as members of the council may be personally delivered to the office of the council not later than the first Monday in April of that year.
[en. B.C. Reg. 106/81.]
2.04 (1) The nomination of a candidate for election as an agent or nominee member of the council shall be in writing on the form approved by the superintendent, signed by 2 agents or nominees, neither of whom is the candidate, and shall be personally delivered to the office of the council not later than the first Monday in April of that year.
(2) The nomination of a candidate for election as a salesman member of the council shall be in writing on the form approved by the superintendent, signed by 2 salesmen, neither of whom is the candidate, and shall be delivered to the office of the council not later than the first Monday in April of that year.
(3) No corporation or partnership is eligible for election.
(4) A person nominated for election for a district must be licensed at a location in that district.
(5) For the purposes of determining representation on council under section 11 (5) (h) and (i) of the Act
(a) districts 2 and 3 shall be deemed one district, and
(b) districts 4, 5, 6 and 7 shall be deemed one district.
[en. B.C. Reg. 106/81.]
2.05 In the event that the number of candidates in either category nominated from any district does not exceed the number of council members required to be elected, those candidates nominated shall be declared to have been elected from that district.
[en. B.C. Reg. 106/81.]
2.06 After the last day for the receipt of nominations of candidates, but not less than 14 days before the date of the election, the secretary shall cause to be mailed to
(a) each agent or nominee, a voting paper in a form approved by the superintendent containing in alphabetical order the names of all agents or nominees nominated for election from the district in which such agent or nominee has his chief place of business, and
(b) each salesman, a voting paper in a form approved by the superintendent containing in alphabetical order the names of all salesmen nominated for election from the district in which is located the office at which such salesman is employed.
[en. B.C. Reg. 106/81.]
2.07 (1) An agent or nominee shall be entitled to vote only for the election of the agent or nominee member or members of the council from the district in which such agent or nominee has his chief place of business and for a number of candidates not to exceed the number to be elected from that district.
(2) A salesman shall be entitled to vote only for the election of the salesman member of the council from the district in which is located the office at which the salesman is employed.
(3) Each agent or nominee or each salesman shall mark his prospective voting paper with an "X" opposite the name of each candidate for whom he desires to vote, and shall return his voting paper to the secretary of the council in the envelope or envelopes that may be provided for that purpose.
(4) A voting paper that is not marked in accordance with this regulation shall not be counted.
(5) If any voting paper is received by the secretary on or after the day set for the election, the voting paper shall not be counted.
[en. B.C. Reg. 106/81.]
2.08 The inadvertent omission to mail a notice of the nomination of candidates, a nomination form or a voting paper to any licensee shall not invalidate an election.
[en. B.C. Reg. 106/81.]
2.09 The auditor appointed by the council, or a person delegated by him, shall with the secretary act as scrutineer at the election. In the case any scrutineer is absent during the scrutiny, the other may nonetheless proceed in his absence.
[en. B.C. Reg. 106/81.]
2.10 (1) The secretary shall safely keep, unopened, all envelopes containing voting papers lodged with him prior to the day of the election.
(2) On the day of the election they shall be opened by him in the presence of the other scrutineer.
(3) The scrutineers shall scrutinize and count the votes.
(4) The secretary shall keep a record disclosing the number of voting papers received, the number of voting papers counted for each candidate and the number of spoiled papers.
(5) On the completion of the count, the scrutineer and the secretary shall sign the record.
(6) Any candidate for election, or person authorized by him in writing, is entitled to be present at the opening, scrutinizing and counting of the voting papers.
[en. B.C. Reg. 106/81.]
2.11 (1) Of the candidates nominated in each category from any district, those, to the extent of the number to be elected from that district, receiving the greatest number of votes shall be declared by the secretary to be elected as a member or members of the council from that district.
(2) In the event that the election of one or more candidates from a district is undecided by reason of an equality of votes, the scrutineers shall promptly put into a box one paper for each candidate whose election is undecided and having the name of that candidate written on it.
(3) The secretary shall draw by chance from the box, in the presence of the other scrutineer, one or more of such papers sufficient to make up the required number of members from that district.
(4) The secretary shall declare the candidate or candidates whose names are upon the papers so drawn to be elected as members of the council from that district.
[en. B.C. Reg. 106/81.]
2.12 The secretary shall mail to the superintendent a statement of the results of the election not later than 10 days after the day upon which the counting of the voting papers was completed and the candidates declared elected.
[en. B.C. Reg. 106/81.]
2.13 (1) Within 10 days after the secretary has declared the election of a member of the council, any licensee may present a petition to the court to unseat a member on the ground of illegality.
(2) The court shall proceed in a summary way and may
(a) confirm the election,
(b) order that some other candidate should have been declared elected and may direct that he be seated as a member of the council accordingly, or
(c) may order a new election and may give directions in respect of it.
(3) The costs of the petition shall be in its discretion.
[en. B.C. Reg. 106/81.]
2.14 (1) The voting papers and other documents in respect of an election shall be kept by the secretary for 4 weeks after the date of the election, or, if a petition to unseat a member of the council is presented, until after the petition is heard and determined, whichever is the longer.
(2) On the expiration of the time the secretary shall destroy the voting papers and other documents but shall retain the records of the count signed by him and the other scrutineer as part of the records of the council.
[en. B.C. Reg. 106/81.]
2.15 In the event a member of the council ceases to be licensed at a location in the district he represents he shall be deemed to have resigned effective on the day he ceases to be so licensed.
[en. B.C. Reg. 106/81.]
2.16 The superintendent may change any day fixed in sections 2.02 and 2.03, or any time limited in sections 2.06 and 2.12 if he is satisfied that the change is required to ensure the proper conduct of the election of members of the council.
[en. B.C. Reg. 106/81.]
2.17 Those persons declared to be elected by the secretary shall take office as members of the council on the first day of July next following the date of the election or on the tenth day following the date of the election, whichever is the later.
[en. B.C. Reg. 106/81.]
3.01 Forthwith after the election of the members of the council, the council shall meet and elect one of its members as Chairman.
[am. B.C. Reg. 109/81.]
3.02 The quorum for a meeting of the council is 9 members, present in person.
[am. B.C. Reg. 106/81.]
3.03 The council shall appoint a secretary, who shall hold office during the pleasure of the council, shall have the duties prescribed by the council and shall be paid the remuneration and expenses authorized by the council.
3.04 The council shall hold such meetings as may be necessary to transact the business of the council with due dispatch.
3.05 The council may, by resolution passed by not less than 3/4 of the members thereof, make rules for the procedure to be followed at its meetings, the giving of notice of meetings, and the implementation of its decisions and resolutions.
3.06 The council is liable for all expenses incurred by it.
3.07 The council shall publish an audited balance sheet and summary of income and expenditure once in each calendar year.
3.08 The superintendent may issue to persons who are or have been members of the council certificates over his hand and seal of office attesting to their service as such members.
[en. B.C. Reg. 107/66.]
3.09 The council has the capacity to enter into an agreement with Canapen (Pender Place) Ltd. for the lease of office space at Suite 900, 750 West Pender Street, Vancouver, British Columbia.
[en. B.C. Reg. 277/89.]
3.10 The council may, by resolution, authorize a member or an officer of the council to execute the lease agreement under section 3.09 on its behalf.
[en. B.C. Reg. 277/89.]
4.01 Every person who applies for a licence under the Act, and if a partnership or corporation each nominee thereof, shall
(a) Repealed. [B.C. Reg. 212/2002.]
(b) be of the full age of 21 years in the case of an agent or nominee and of 18 years in the case of a salesman,
(c) be of good reputation, and in the case of an applicant for licence as an agent be in sound financial circumstances,
(d) have an appropriate knowledge of the books of account required in the operation of a real estate business,
(e) have an understanding of the obligations between principal and agent, of the principles of real estate practice and canons of business ethics pertaining thereto as well as an understanding of the provisions of the Act,
(f) have taken such course or courses and have passed such examination or examinations as shall have been prescribed by the council and approved by the superintendent. The council may waive the taking of any such course or courses if it is satisfied that the applicant has had experience and training equivalent to that which he would have obtained had he taken such course or courses, and
(g) Repealed. [B.C. Reg. 40/81.]
[am. B.C. Regs. 107/66; 40/81; 212/2002.]
4.02 No person shall be licensed as an agent unless, for not less than 2 years during the 5 years immediately preceding his application,
(a) he has served as an agent or salesman licensed under the Act or the Real Estate Agents' Licensing Act, and
(b) each of his nominees, if a nominee is required, has served as an agent or salesman licensed or nominee qualified under the Act or the Real Estate Agents' Licensing Act.
4.03 The superintendent may waive the requirements of section 4.02 if he is satisfied that
(a) the applicant or nominee has had experience and training equivalent to that which he would have obtained if he had performed the service required thereunder,
(b) there is an immediate need of an agent in the location where the applicant proposes to carry on business, or
(c) the requirements are not feasible in the particular case.
4.04 For the purpose of section 4.03, an applicant has experience and training equivalent to that which he would have obtained if he had performed the service required under section 4.02 if he has been, within the British Commonwealth of Nations or the United States of America,
(a) previously engaged in the business of selling or managing real estate for his own account for a continuous period of not less than 2 years within the 5 years prior to the date of application and licensed or qualified to do so, or
(b) employed by a real estate agent or broker without the Province of British Columbia in the business of selling or management of real estate for a continuous period of at least 2 years, and within the Province of British Columbia for a period of not less than one year, within the 5 years prior to the date of application, and licensed or qualified to do so.
4.05 (1) Every application for an agent's licence made by a corporation or partnership shall be accompanied by an exhibit submitted by each director, officer and partner thereof. The exhibit shall be an application for approval and be in such form as the superintendent may require from time to time.
(2) Every new director, officer and partner of a corporation or partnership agent shall submit such an exhibit immediately following their election or appointment.
[en. B.C. Reg. 234/79.]
4.06 An application for an agent's licence shall be
(a) in such form as may from time to time be required by the superintendent,
(b) accompanied by the prescribed fee, and
(c) accompanied by a financial statement in a form approved by the superintendent and verified by
(i) the statutory declaration of the applicant or the nominee deposing to the accuracy of the statement, or
(ii) a certificate in the form approved by the superintendent, certified by a chartered accountant or certified general accountant certifying to the accuracy of the statement.
4.07 Where an application is made by a corporation for a licence, then, notwithstanding section 4.06, the financial statement or certificate required is that of the corporation only, and no statement or certificate is required to be filed where the application is for an additional nominee for an agent already licensed under the Act and regulation.
4.08 An application for a licence as a nominee or salesman shall be
(a) in such form as may from time to time be approved by the superintendent,
(b) accompanied by the prescribed fee,
(c) approved by a certificate of the agent by whom the applicant is employed or to be employed or by a nominee of such agent, certifying that he is satisfied through personal knowledge or from inquiries that the applicant has
(i) a good business reputation,
(ii) the qualifications required for the business of real estate, and
(iii) Repealed. [B.C. Reg. 234/79.]
[am. B.C. Reg. 234/79.]
4.09 Repealed. [B.C. Reg. 367/84, s. 1.]
4.10 The superintendent may grant a restricted licence for a period not to exceed 12 months to the executor or administrator of the estate of a deceased agent to carry on the real estate business formerly carried on by the deceased agent for the purpose of transmission or sale thereof as a going concern. Every such executor or administrator shall furnish security in accordance with this regulation and as directed by the superintendent.
4.11 Licences under the Act shall be issued in respect of a licence period and shall expire at the end of the licence period.
[en. B.C. Reg. 551/82, s. 2.]
4.12 (1) Subject to subsection (2), all fees paid under this Act shall be accounted for as a part of the consolidated revenue fund.
(2) Where the council, under the Transfer of Functions and Powers Regulation1, issues or renews a licence or performs any other service described in sections 1 to 6 of the Schedule, the fees set out in the applicable section of the Schedule shall be collected by the council and, subject to the Retention of Fees by Self Regulatory Organizations Regulation made by the Treasury Board, shall be remitted by the council to the superintendent within 7 business days after the last day of the month in which the licence was issued or renewed or the service performed.
[am. B.C. Regs. 367/84, s. 2; 93/92, s. 1.]
4.13 Repealed. [B.C. Reg. 367/84, s. 3.]
4.14 to 4.15 Repealed. [B.C. Reg. 368/84, s. 1.]
4.16 The superintendent may, if he sees fit to do so, issue licences restricted as to area, time or otherwise, and the licence shall have effect only subject to the restrictions expressed therein.
4.17 Every applicant shall state in the application an address for service in the Province, and, except as otherwise provided in the Act, all notices under the Act or the regulations are sufficiently served for all purposes if delivered or sent by prepaid mail to the latest address for service so stated.
[en. B.C. Reg. 234/79.]
5.01 A licensee shall not publish, or cause or permit to be published, an advertisement for, or display, or cause or permit to be displayed, a sign or notice relating to, the purchase, sale, exchange or rental of real estate unless the advertisement, sign or notice displays his name as the person advertising and, if he is not an agent, the name of the agent who is his employer; but this regulation shall not prohibit such an advertisement, sign or notice for the purchase, sale, exchange or rental of real estate by or for the licensee on his own behalf and not in his capacity as a licensee so long as the advertisement, sign or notice does not contain or set forth the name, address or telephone number of any place of business where the licensee is engaged in his capacity as licensee.
[en. B.C. Reg. 107/66.]
5.02 No person shall knowingly authorize, direct or aid in the publication, advertisement, distribution or circulation of any false statement or representation concerning a real estate transaction or, with knowledge that any advertisement, pamphlet, prospectus or letter concerning any real estate transaction contains any written statement that is false or fraudulent, shall issue, circulate, publish or distribute the same or cause the same to be issued, circulated, published or distributed.
5.03 No licensee shall place a "For Rent" or "For Sale" sign on property without the consent of the owner or the authorized agent of the owner.
6.01 No agent shall operate a branch office unless the location and the nominee thereof are approved by the superintendent, and unless he is the holder of a valid and subsisting licence for such branch office issued to him by the superintendent.
[am. B.C. Reg. 234/79.]
6.02 Application for a licence for a branch office shall be
(a) in such form as may from time to time be required by the superintendent, and
(b) accompanied by the prescribed fee.
6.03 Repealed. [B.C. Reg. 234/79.]
7.01 Subject to the written approval of the superintendent, the council may,
(a) once every 2 years, assess every licensee a sum of money for the purpose of paying the expenses of the council,
(b) charge an applicant for a licence a fee for each application, and
(c) charge a fee for each application written as required pursuant to section 10.01.
[en. B.C. Reg. 260/78; am. B.C. Regs. 551/82, s. 5; 367/84, s. 4.]
7.02 A licensee shall, on issue or renewal of a licence, pay any assessment imposed under section 7.01.
[en. B.C. Reg. 367/84, s. 5.]
Division 8 — Further Powers and Duties of Council
8.01 The council may prepare and deliver to each licensee a pocket card to certify that the person whose name appears thereon is licensed as an agent, nominee or salesman, as the case may be, and if it is a nominee's or salesman's card it shall contain the name of his employer, in a form and having such contents as the superintendent may approve.
8.02 The council shall charge and there shall be paid to the council by the promoter in addition to the reasonable and proper charges for the time of council employees a fee of $50 in respect to any investigation made by the council under section 72 of the Act.
Division 9 — Other Conditions of Licences and General Regulations
9.01 No nominee or salesman shall place outside his residence any sign indicating that he does business there as a real estate nominee or salesman.
9.02 Every agent, unless carrying on business in an unorganized area, shall maintain a proper place of business.
9.03 Any corporation to which an agent's licence is issued shall have as its main business the conduct of real estate or a combination of real estate and either or both of the following:
(a) insurance business under the Financial Institutions Act;
(b) the business of a mortgage broker under the Mortgage Brokers Act.
[en. B.C. Reg. 26/2001, s. (a).]
9.04 Every agent shall immediately notify the council of any change in any of his business addresses.
[am. B.C. Reg. 367/84, s. 6.]
9.05 Every agent shall keep his own licence and the licences of all nominees and salesmen employed by him prominently displayed in his office or branch office where applicable.
9.06 No licensee shall claim or take any secret or undisclosed amount of compensation, commission or profit or fail to reveal to the employer or principal of such licensee the full amount of such licensee's compensation, commission or profit in respect of a real estate transaction.
9.07 Every agent shall immediately report to the council the discharge of any nominee or salesman employed by him for a violation of any of the provisions of the Act or of this regulation and shall provide to the council a statement in writing of the facts with reference to such discharge.
[am. B.C. Reg. 367/84, s. 6.]
9.08 Every agent shall permit on any business day the examination of all books and records relating to real estate transactions of such agent by the superintendent or his authorized representative and shall disclose to the superintendent or such representative all information relevant thereto.
9.09 No licensee shall issue an appraisal report on any property in which the licensee has an interest without disclosing in writing to those for whom the appraisal is made the full extent and nature of such interest, and no licensee shall accept employment for appraisal of real property when such employment is contingent upon reporting a predetermined value.
9.10 Every agent shall erect and maintain in a conspicuous place on the premises registered with the superintendent as his business location, and at all branch offices, a sign of size and lettering approved by the superintendent clearly indicating that he is a licensed real estate agent and clearly showing his name thereon.
9.11 Repealed. [B.C. Reg. 134/94.]
9.12 Every person who
(a) demonstrates negligence or incompetence in performing any act for which he is required to hold a licence, or
(b) makes or suffers or permits to be made any false or misleading statement in any financial statement or certificate required to be furnished under the Act or this regulation or any order of the superintendent,
is guilty of a breach of this regulation.
9.13 Repealed. [B.C. Reg. 212/2002.]
9.14 In any case where the superintendent suspends or cancels a licence under section 31 of the Act, he may after the time for appeal has expired, or an appeal having been taken, is dismissed, cause a notice of the action taken to be published in one or more issues of a newspaper circulating in the district in which the former licensee resides or carried on business.
9.15 An individual holding an agent's licence may be employed by an agent as a salesman, and upon receipt of proof satisfactory to the superintendent that such individual is so employed the superintendent may issue a certificate exempting such individual from compliance with the provisions of this regulation affecting agents as opposed to salesmen during the continuance of such employment.
9.16 Every agent shall have an agent or nominee
(a) in regular attendance at its principal office and at each of its branch offices, and
(b) in active charge of the business of the agent there conducted.
[en. B.C. Reg. 234/79.]
10.01 Every individual applicant for a licence other than a renewal shall, as a condition precedent to the granting of such licence, have passed such examination as shall be prescribed by the council and approved by the superintendent. For the purposes of this section, a first application for a nominee's licence shall be deemed to be a renewal where the applicant was duly qualified to act and did act as a nominee during the preceding licence period and when nominees' licences were not required.
10.02 A candidate who fails to pass such examination may attempt the examination again after the lapse of not less than 14 days from the date of such failure, and the application may then be renewed. Any candidate who has twice failed to pass a written examination prescribed under this regulation may not thereafter write a further examination until the expiration of one year from his last examination.
10.03 The examinations which are authorized by this regulation shall be held at such times and places as may be determined by the council, and each candidate for an examination shall be advised of such time and place.
10.04 Examinations shall be rewritten.
10.05 The time allowed for the examination shall be clearly set forth on the paper.
10.06 The following rules shall be obeyed by all candidates, and any candidate may be disqualified for any breach thereof:
(a) candidates may not refer to any notes, books or memoranda unless permitted by the examiner;
(b) all rough work and calculations must be done on the examination paper;
(c) the copying of questions or the making of notes relative thereto is prohibited;
(d) candidates shall not leave the examination room for any reason until they have handed in the completed paper to the supervisor.
10.07 Candidates shall be advised promptly of the results of any examination, which shall be immediately forwarded to the superintendent by the council.
11.01 The provisions of this regulation respecting nominees' licences come into force on the first day of July, 1961.
12.01 Every agent shall keep such books, records and accounts in connection with his business as may be necessary to show and readily distinguish
(a) all money received for or on behalf of and money paid for or on behalf of others, and the amount of money held on behalf of each other person, and
(b) money received and paid on his own behalf,
and such books, records and accounts shall be kept up to date.
12.02 The council may, and when requested by the superintendent shall, order and provide for the audit of an agent's books and accounts. Where an audit is sought as a result of a complaint, the council may require the complainant to pay a reasonable sum to cover the cost of the audit. The council may dispose of the sum in its discretion. Where the audit shows that an agent's books and accounts are not in proper order or are not kept up to date, the cost of the audit shall, if the council so requires, be paid to the council by the agent.
12.03 (1) In this section:
"accountant" means a chartered accountant or certified general accountant and includes a person certified by the board;
"board" means the Auditor Certification Board established under section 181 of the Company Act;
"report" means an accountant's report in Form 1.
(2) Every agent shall annually
(a) have prepared by an accountant
(i) audited financial statements for that fiscal year, where the agent is a reporting company as defined in the Company Act, and
(ii) unaudited financial statements for that fiscal year, in any other case,
(b) complete Part A of the report,
(c) submit the report and the financial statements prepared under paragraph (a) to an accountant, and
(d) disclose to the accountant referred to in paragraph (c) all books, accounts and records of the agent for that fiscal year.
(3) On examination of the financial statements submitted under subsection (2) and of the books, accounts and records of the agent, the accountant shall complete Part B of the report and return it to the agent.
(4) On receipt of the report from the accountant,
(a) where the agent is an individual, the agent, and
(b) where the agent is a corporation or partnership,
(i) an officer or partner of the agent, and
(ii) a nominee of the agent
shall certify on Part C of the report as to whether or not, based on the financial statements referred to in section 2 of Part B of the Report, on the last day of the fiscal year, the current and total assets of the agent equalled or exceeded the agent's current and total liabilities respectively, and shall complete Part C of the report.
(5) Each agent must, within 120 days of the end of the fiscal year for which a report was made, file with the council a copy of the report with Parts A, B and C completed.
(6) The council must keep a copy of each report filed under subsection (5) for at least 5 years and must permit the superintendent to access on request any report on file during normal business hours.
[am. B.C. Reg. 288/92.]
12.04 An agent shall, on request of the superintendent, file with him a copy of any financial statement prepared under section 12.03 (2).
[en. B.C. Reg. 368/84, s. 2.]
13.01 A subdivision or subdivisions for or in connection with industrial development may be exempted from the provisions of Part 2 of the Real Estate Act by the Minister of Industry and Small Business Development upon application being made to him. The minister may act upon the recommendation of the superintendent that satisfactory evidence has been submitted as to
(a) the applicant's ability to finance the proposed development, including the provision of necessary services therein, and
(b) the provision made by the applicant for disclosure to persons interested in the development of information necessary to enable them to value an interest therein.
[en. B.C. Reg. 89/61.]
14.01 (1) There must be paid to the government, for a matter itemized in Column 1 of the Schedule of Fees, the fee set out opposite that item in Column 2 of that schedule.
(2) For the purposes of items 7 and 8 of the Schedule of Fees, the number of strata lots in a phased strata plan is to be calculated by
(a) ascertaining the maximum number of units in each of the phases of that phased strata plan, by reference to the applicable Phased Strata Plan Declaration under section 222 of the Strata Property Act, and
(b) adding those maximums to obtain the total number of strata lots.
[en. B.C. Reg. 135/2004, s. 1.]
Division 15 — Errors and Omissions Insurance
15.01 (1) In this section:
"corporation" means the Real Estate Errors and Omissions Insurance Corporation;
"indemnity plan" means the indemnity plan or indemnity plans, in effect from time to time, that are established by the corporation under section 26 of the Act.
(2) Licensed agents, nominees and salesmen on whom a levy of assessments is made by the corporation pursuant to section 26 of the Act shall participate in the indemnity plan according to its terms.
[en. B.C. Reg. 23/88.]
[en. B.C. Reg. 368/84, s. 3.]
(section 12.03 of B.C. Reg. 75/61)
Real Estate Act, R.S.B.C. 1996, c. 397
ACCOUNTANT'S REPORT
Superintendent of Brokers,
Insurance and Real Estate
11th Floor, 865 Hornby Street
Vancouver, B.C.
V6Z 2H4
PART A - To be completed by the agent before forwarding this form to the reporting accountant.
The following information is given with respect to ....................[name of agency].................... for the reporting period commencing on ..........................[first day of the agent's fiscal year]........................... and ending on ......................[last day of the agent's fiscal year].........................
1 All trust accounts of the agent during the reporting period were:
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2 Addresses of all offices operated by the agent at any time during the reporting period were:
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PART B - To be completed by the accountant.
1 Based on my/our examination and subject to any qualifications or exceptions noted in section 4, I/we report that in my/our opinion the agent has for the entire reporting period
(a) kept and maintained books, accounts and records in connection with his business as an agent as required by sections 15, 16, 17 and 18 of the Act,
(b) maintained on deposit in a trust account(s) sufficient funds to discharge the gross trust liability as disclosed in his accounts, and
(c) prepared a monthly trust reconciliation for each month ending in the reporting period.
2 Based on my/our review of the unaudited
financial statements for the reporting period which were prepared by
...........................................................................................................................
and whose accountant's comments were dated
..........................................
and subject to any qualifications or exceptions noted in section 4, we report
the following:
|
(a) per the financial statements |
$................................... |
|
|
Current assets |
$................................... |
|
|
Current liabilities |
$................................... |
|
|
Total assets (exclusive of |
$................................... |
|
|
Total liabilities |
$................................... |
(b) no changes in accounting principles used by the agent have been brought to our attention except as noted in section 4;
(c) no contingent liabilities in connection with this agency have been brought to our attention except as noted in section 4;
(d) there are no material subsequent events that would result in an exception that has come to our attention except as noted in section 4.
3 The undersigned has also reviewed the monthly trust reconciliations for the months subsequent to the reporting period ending immediately before the completion of field work.
4 Qualifications or exceptions, if any:
.........................................................................................
.................................................................................................................................................
.................................................................................................................................................
Date of completion of field work: ................................
Date of signing this report: ................................
Name of accountant (Name of Firm): ..................................................................................................
Address: .............................................................................................................................................
Name of accountant signing: .................................................
Professional status: .............................................................
PART C - To be completed by the agent or, where the agent is a corporation or partnership, by a nominee and by an officer of the corporation or a partner.
I/We hereby certify that
(a) all books, records, accounts and subordination agreements of this agency have been disclosed to the reporting accountant except as noted in paragraph (e),
(b) there have been no changes in capital structure, directors, shareholders, partners or reporting accountants of this agency since the date of the previous report filed except as noted in paragraph (e),
(c) based on the financial statements referred to in section 2 of Part B, the current and total assets of the agency equalled or exceeded/neither equalled nor exceeded the current and total liabilities respectively (Delete whatever is inapplicable),
(d) I/we have reviewed this report and to the best of our knowledge believe it to be true and accurate, and
(e) qualifications or exceptions, if any:
...........................................................................
....................................................................................................................................
Name of agency: ..........................................................................................................
Name of agent or nominee: ..................................................
Signature of agent or nominee: .......................................... Date: ................................
Name of officer or partner: ....................................................
Signature: .......................................................................... Date: ................................
[en. B.C. Reg. 135/2004, s. 2.]
(Section 14.01)
| Item | Column 1 | Column 2 |
|---|---|---|
| 1 | For an agent’s licence issued to a corporation or partnership | $100 plus $100 for each additional business office |
| 2 | For a renewal of a licence described in item 1 | $100 plus $100 for each additional business office |
| 3 | For each of the following licences issued to an individual: | $100 |
| agent’s licence; | ||
| nominee’s licence; | ||
| salesperson’s licence | ||
| 4 | For a renewal of a licence described in item 3 | $100 |
| 5 | For amendment, transfer or reinstatement of a licence during its term | $100 |
| 6 | For filing a prospectus required under section 61 (8) or 62 (1) | $1 800 |
| 7 | For filing a disclosure statement under section 66 of the Act, | |
| (a) for 5 to 9 lots, strata lots, units or other interests | $300 | |
| (b) for 10 to 49 lots, strata lots, units or other interests | $600 | |
| (c) for 50 to 99 lots strata lots, units or other interests | $1 200 | |
| (d) for 100 or more lots strata lots, units or other interests | $1 800 | |
| 8 | For filing an application for an exemption from some or all of the provisions of Part 2 of the Act | |
| (a) for 5 to 9 lots, strata lots, units or other interests | $300 | |
| (b) for 10 to 49 lots, strata lots, units or other interests | $600 | |
| (c) for 50 to 99 lots strata lots, units or other interests | $1 200 | |
| (d) for 100 or more lots strata lots, units or other interests | $1 800 | |
| 9 | For filing an amendment to a prospectus or a disclosure statement | $200 |
| 10 | For file retrieval, copying filed records or providing other services | $38 plus $0.50 per page |
[Provisions of the Real Estate Act, R.S.B.C. 1996, c. 397, relevant to the enactment of this regulation: section 55]
|
|
|
| 1. | formerly named Licensing Transfer Regulation; B.C. Reg. 208/86 changed title |
Copyright (c) 2004: Queen's Printer, Victoria, British Columbia, Canada