VI. Managing Broker Duties
Notices Regarding Deposits
A managing broker is required by section 3-1(4)of the Rules to ensure that all parties to an agreement giving effect to a trade in real estate are immediately notified if a deposit that was to be held by the related brokerage is not received or if the deposit cheque or other negotiable instrument is not honoured.
A managing broker must give the notice in writing or confirm in writing that the notice has been given.