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Brokerage Standards Manual

Notice of Change: Information in this manual changed when new agency and disclosure rules came into effect on June 15, 2018. Learn more about the new rules.

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.