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Brokerage Standards Manual

Introduction

Overview


Starting a Brokerage

What Kind Of Work May The Brokerage Do?

Engaging Licensees

Brokerage Operations


Trust Account Management

The Nature Of Trust Funds

Opening Trust Accounts

When Trust Funds Are Deposited

Exceptions To Depositing Remuneration Into A Brokerage Trust Account

Withdrawals From Trust Accounts

Notification To Council Of Trust Account Shortage

Protection Of Deposits


Accounting and Financial Records/Systems

Overview

Financial Records

Trust And General Account Records

Pooled Trust Account Records

Timeliness Of Financial Records

General Recordkeeping Requirements

Record Requirements


General Brokerage Procedures

Expenses

Service Agreements

Conflicts

Disclosure

Protection of Client Information


Managing Broker Duties

Overview

Supervision

Active Charge

Delegation

Ensuring Those Engaged Are Appropriately Licensed To Provide The Services

Unlicensed Activity

Accounts And Records

Action In The Event Of Improper Conduct

Notices Regarding Deposits

Multiple Managing Broker Licences


Brokerage Office Business Practices

Advertising

Brokerage Offices

Changes In Partnerships

Changes In Information

Brokerage Name And Address Changes

Notice Of Brokerage Business Changes

Changes In Licensee Information

Creating Team Names

Sound Financial Circumstances

Licence Suspension/Cancellation Procedure


Year End Reports and Office Inspections

Year End

Financial Statements

Accountant’s Report

Brokerage Activity Report

Exceptions Regarding Annual Financial Reporting

Council Review Of Accounts And Other Brokerage Records

The Exit Interview

Addressing Problems Found At The Brokerage


Licence Renewals

Overview

Renewal Of Licence

Renewal Of Brokerage Licence

Waiver Of Assessment For Certain Categories Of Licences

Refund Of Licensing Fees

Relicensing Education Program

Continuation Of Licences During Renewal Application

Refusal To Renew A Licence

Inoperative Licences


Wind Up

Termination Of Brokerage’s Licence

Closure Requirements


Appendix

Authorization Form – Interest To Real Estate Foundation

Maintaining Trust Account Records

Trading Services Example

Rental Property Management Examples

Strata Management Examples