Associate Broker/Representative Responsibilities

In addition to a managing broker or an associate broker, a representative provides real estate services on behalf of a brokerage. When providing real estate services under the supervision of a managing broker, an associate broker’s duties and obligations are the same as a representative’s. For the purposes of this review, the reference to ‘‘representative’’ includes a reference to ‘‘associate broker’’.
RESA and the Rules set out a number of duties that a representative must meet in the course of providing real estate services.
One of the most important obligations of a representative is the manner in which the representative handles funds. RESA requires that all money held or received from or on behalf of a principal in relation to real estate services be paid or delivered to the brokerage. Additionally, any money received on account of remuneration for real estate services must be paid to the brokerage whether or not the remuneration has already been earned. As a result of this provision, even though the funds may have been received after a transaction completes, the funds must still be paid to the brokerage.
RESA also provides that a representative may only provide real estate services on behalf of the brokerage to which the representative is licensed. Additionally, the representative must not accept remuneration in relation to real estate services from any person other than the brokerage in relation to which he or she licensed.
RESA defines ‘‘remuneration’’ as including any form of remuneration, including any commission, fee, gain, or reward, whether the remuneration is received, or is to be received, directly or indirectly.
The broad definition of ‘‘remuneration’’ means that rewards such as referral fees, bonuses, or travel points that are paid in relation to the provision of real estate services must be paid through the brokerage to which the representative is licensed.
The Rules contain a number of obligations and duties that a representative must satisfy, including requirements relating to advertising, signing documents on behalf of clients, home offices, and various disclosures that a representative must make.
In order for representatives to fulfill their responsibilities under RESA, they must ensure that:
- they do not perform any licensed activity unless they are properly licensed at the time;
- their licence is current at all times;
- all real estate services are conducted in the name of the brokerage to which the representative is licensed;
- they have current knowledge of issues that relate to the area of real estate in which they practice. They should participate in opportunities for training/development that are relevant to their specific area of practice;
- they keep the managing broker informed of the activities being performed (section 3-2 of the Rules). They should seek guidance from their managing broker in situations where there is uncertainty about the proper course of action;
- they promptly provide copies of all disclosures as required under sections 9-1, 9-2 or 9-3 of the Rules to the managing broker;
- they immediately notify the managing broker if a deposit which the brokerage is required to hold as stakeholder is not received (section 3-2 of the Rules);
- they advise the managing broker when they intend to be absent from the office for prolonged periods of time, and should ensure that clients and customers are aware of intended absences;
- they promptly respond to any inquiries addressed to them by the managing broker (section 3-2 of the Rules);
- they act honestly and with reasonable care and skill when providing real estate services (section 3-4 of the Rules).
Representatives should also ensure that they:
- carry out the following duties to a client (section 3-3 of the Rules):
- act in the best interests of the client,
- act in accordance with the lawful instructions of the client,
- act only within the scope of the authority given by the client,
- advise the client to seek independent professional advice on matters outside of their expertise,
- maintain the confidentiality of information respecting the client,
- disclose to the client all known material information respecting the real estate services, and the real estate and the trade in real estate to which the services relate,
- communicate all offers to the client in a timely, objective, and unbiased manner,
- use reasonable efforts to discover relevant facts respecting any real estate that the client is considering acquiring,
- take reasonable steps to avoid any conflict of interest; and
- promptly and fully disclose any conflict that does arise to the client;
- make certain that all advertisements, including websites, meet the requirements of RESA and specifically sections 4-6, 4-7, and 4-8 of the Rules, and RECBC advertising guidelines and policies;
- obtain the written authorization of the client before signing a contract on the client’s behalf (section 5-3 of the Rules);
- make certain that all signed offers to acquire or dispose of real estate are promptly communicated to the relevant party to the trade in real estate unless otherwise directed by a client (section 5-3.1 of the Rules);
- promptly deliver a copy of any signed acceptance of an offer to each of the parties to the trade (section 5-2 of the Rules);
- are familiar and current with communications from their related brokerage, the local real estate board/association, or other trade organizations to which they belong and RECBC respecting policy matters or changes in the law;
- attend office meetings as a means of ensuring ongoing competency and familiarity with current issues and market conditions;
- do not induce any party to break an agreement for the purpose of entering into an agreement with another party (section 5-5 of the Rules);
- advise their managing broker of any intention to purchase or dispose of real estate for themselves or an associate and ensure that they have complied with section 5-9 of the Rules. They must ensure a completed ‘‘Disclosure of Interest in Trade’’ Form is provided to the opposite party before an agreement for the acquisition or disposition is made and that a copy is promptly provided to the managing broker;
- make the appropriate disclosure of representation in trading services required by section 5-10 of the Rules;
- make the appropriate disclosure of risks to unrepresented parties as required by section 5-10.1 of the Rules;
- disclose, in writing, all remuneration received as a result of providing real estate services to or on behalf of a client and that a copy of the written disclosure is provided to the managing broker (section 5-11 of the Rules);
- make the appropriate disclosure to sellers, of expected remuneration to be paid by the seller as required by section 5-11.1 of the Rules ;
- disclose any known material latent defect to other parties before any agreement is entered into and that a copy of the written disclosure is provided to the managing broker (section 5-13 of the Rules);
- familiarize themselves with the brokerage’s procedures manual and conduct their business in accordance with the requirements of RESA, the Regulations, and Rules;
- in the very limited circumstances where a brokerage engages in dual agency, make the appropriate disclosure to each party as required by section 5-17(2) of the Rules;
- promptly provide their related brokerage with the original or legible true copies of all general records, trading records, rental property management records, or strata management records related to transactions in which the brokerage is involved (section 3-2 of the Rules).
If the licensee has an unlicensed office in his or her home or in commercial space, he or she must ensure that he or she complies with section 4-3 of the Rules which requires:
- a sign is not placed outside indicating that the licensee is doing business there as a real estate representative;
- the telephone in the office is not answered in the name of the related brokerage;
- the home or personal office address in not indicated on any advertising, business cards, letterhead, etc.; and
- all employees and others who perform duties on behalf of the licensee are adequately supervised (section 3-2 of the Rules) and that any secretarial or other unlicensed staff working in the personal office of a licensee does not engage in any activity requiring a real estate licence.
[updated 06/15/2018]
Independent Contractor Status
RESA permits a licensee to be engaged by a brokerage either as an employee or as an independent contractor. RESA provides that licensees are to be licensed to, and engaged by, a single brokerage. The definition of ‘‘engaged ’’ includes a licensee who is employed by the brokerage and a licensee who is acting in an independent contractor relationship with the brokerage to provide real estate services on its behalf.
Whether a licensee is an employee or an independent contractor, the duties and obligations of the licensee do not change. In other words, the obligations of a representative apply to every licensee licensed as a representative or an associate broker regardless of the manner in which they are engaged by the brokerage.
Licensees Must Promptly Provide Records to Their Related Brokerage
[11/20/2012 The following section was added to the Professional Standards Manual]
Section 3-2 of the Rules details general responsibilities of licensees in relation to their brokerages. An important aspect of those responsibilities includes promptly providing the brokerage with the original or copies of records related to the real estate services provided by the licensees. The obligation to provide these records to a brokerage ‘promptly’ means they must be provided without delay.
This enables the brokerage to fulfill its obligation to maintain timely, accurate, and complete records, and enables the managing broker to fulfill his or her obligation to be in active charge of the business of the brokerage. For example, it is not acceptable to provide the brokerage with a copy of a Contract of Purchase and Sale only after subjects have been removed or the deposit is received; once it has been accepted by all parties, it must be provided to the brokerage without delay.
Licensees are generally aware that when they have, on behalf of their brokerage, entered into a listing agreement, they must promptly provide the original or a copy of the listing agreement to their managing broker. However, it has come to the attention of RECBC that many licensees may not be aware that this provision also applies to buyer agency agreements. Buyer agency agreements are service agreements that are entered into by buyer-clients and licensees, on behalf of their brokerages. Therefore, licensees must also promptly provide the original or a copy of these agreements to their brokerage.
The records licensees are to provide to their related brokerage include all the records identified in sections 8-4, 8-5, 8-6, and 8-7.1 of the Rules that are in the possession of the licensee and were either:
prepared by or on behalf of the licensee, or
- received from or on behalf of a principal.
While the following list is not complete in terms of records that must be provided to the brokerage, it represents records related to trading services that some licensees have not promptly provided:
Written disclosure statements (e.g. Disclosure of Remuneration, Disclosure of Interest in Trade, Disclosure of Risks to Unrepresented Parties, etc.)
- Written service agreements (e.g. listing contracts, buyer agency contracts, etc.) and other records that establish the scope of authority (e.g. fee agreements, etc.)
- Contracts for the acquisition and disposition of real estate (e.g. Contracts of Purchase and Sale, Offers to Lease, Tenancy Agreements, etc.)
- Information necessary to complete the Trade Record Sheet
Licensees who are uncertain about their obligations in this regard should review those sections of the Rules identified above.
[updated 06/15/2018]
From the Real Estate Rules:
3-2 Associate broker and representative responsibilities
3-2
- Records — An associate broker or representative must promptly provide to the managing broker the original or a copy of all records referred to in
- section 8-4 [general records],
- section 8-5 [trading records],
- section 8-6 [rental property management records], or
- section 8-7.1 [strata management records]
of these rules that are in the possession of the associate broker or representative and that were prepared by or on behalf of the associate broker or representative, or received from or on behalf of a principal.
- Keeping managing broker informed – An associate broker or representative must
- keep the managing broker informed of the real estate services being provided, and other activities being performed, by the associate broker or representative on behalf of the brokerage, and
- immediately notify the managing broker if a deposit referred to in section 3-1 (4) (a) [anticipated stakeholder deposit] of these rules has not been received.
- Response to managing broker – An associate broker or representative must promptly respond to any inquiry that is addressed to the licensee by the…
From the Real Estate Rules:
9-1 Management of rental real estate owned by licensee
9-1
- This section applies to an individual licensed as a managing broker, associate broker or representative who provides rental property management services on their own behalf in relation to their own real estate.
[09/09/2008 subsection (1) repealed and the above subsection (1) substituted effective 11/01/2008] - The Act and these rules do not apply to the licensee in relation to the rental property management services so long as the licensee does all of the following:
- provides these services in their own name and not in the name of their related brokerage;
- does not, in any real estate advertising with respect to the rental real estate, indicate the name, address or telephone number of their related brokerage or of any place where the licensee is engaged in their capacity as licensee;
- discloses to each potential tenant of the rental real estate, promptly but in any event before the person enters into a tenancy agreement, that
- even though they are licensed under the Real Estate Services Act, they are not acting as a licensee in this case, and
- the licensee is not regulated under the Real Estate Services Act in relation to the rental real estate;
From the Real Estate Rules:
9-2 Management of rental real estate owned by licensee’s family
9-2
- This section applies to an individual licensed as a managing broker, associate broker or representative who provides rental property management services that
- are provided
- to or on behalf of their spouse, family partner, son, daughter or parent, in relation to rental real estate owned by that other person,
- to or on behalf of a partnership in relation to real estate owned by the partnership, if the only partners of the partnership are two or more of any of the following:
(A) the licensee;
(B) a spouse or family partner of the licensee;
(C) a son, daughter or parent of the licensee; or - to or on behalf of a corporation of which the only shareholders are one or more of the individuals referred to in subparagraph (ii), and
- are not provided for or in expectation of remuneration.
[10/18/2005 subsection (1) repealed and the above subsection (1) substituted effective 01/01/2006]
[09/09/2008 subsection (1) repealed and the above subsection (1) substituted effective 11/01/2008]
- are provided
- The Act and these rules do not apply to the licensee in relation to the rental property management services so long as the licensee does all of the…
From the Real Estate Rules:
9-3 Management of strata corporation by licensee who is an owner
9-3
- Subject to this section, the Act and these rules do not apply to an individual licensed as a managing broker, associate broker or representative who is a strata lot owner in relation to strata management services provided to or on behalf of the strata corporation of which the licensee is a member by reason of being a strata lot owner, if all the following conditions are met:
- the licensee provides strata management services under this section to no more than 2 strata corporations;
- the licensee discloses in writing to the strata corporation, before providing the services, that
- even though they are licensed under the Real Estate Services Act, they are not acting as a licensee in this case,
- the licensee is not regulated under the Real Estate Services Act in relation to the strata management services, and
- the strata corporation is not entitled to the same protections applicable under the Real Estate Services Act to persons who deal with licensees who are not acting under this section of the rules;
- the licensee provides a copy of the written disclosure under paragraph (b) to the managing broker of the related brokerage;
- the licensee does not…
From the Real Estate Rules:
3-2 Associate broker and representative responsibilities
3-2
- Records — An associate broker or representative must promptly provide to the managing broker the original or a copy of all records referred to in
- section 8-4 [general records],
- section 8-5 [trading records],
- section 8-6 [rental property management records], or
- section 8-7.1 [strata management records]
of these rules that are in the possession of the associate broker or representative and that were prepared by or on behalf of the associate broker or representative, or received from or on behalf of a principal.
- Keeping managing broker informed – An associate broker or representative must
- keep the managing broker informed of the real estate services being provided, and other activities being performed, by the associate broker or representative on behalf of the brokerage, and
- immediately notify the managing broker if a deposit referred to in section 3-1 (4) (a) [anticipated stakeholder deposit] of these rules has not been received.
- Response to managing broker – An associate broker or representative must promptly respond to any inquiry that is addressed to the licensee by the…
From the Real Estate Rules:
3-2 Associate broker and representative responsibilities
3-2
- Records — An associate broker or representative must promptly provide to the managing broker the original or a copy of all records referred to in
- section 8-4 [general records],
- section 8-5 [trading records],
- section 8-6 [rental property management records], or
- section 8-7.1 [strata management records]
of these rules that are in the possession of the associate broker or representative and that were prepared by or on behalf of the associate broker or representative, or received from or on behalf of a principal.
- Keeping managing broker informed – An associate broker or representative must
- keep the managing broker informed of the real estate services being provided, and other activities being performed, by the associate broker or representative on behalf of the brokerage, and
- immediately notify the managing broker if a deposit referred to in section 3-1 (4) (a) [anticipated stakeholder deposit] of these rules has not been received.
- Response to managing broker – An associate broker or representative must promptly respond to any inquiry that is addressed to the licensee by the…
From the Real Estate Rules:
3-3 Duties to clients
3-3
- Subject to sections 3-3.1 and 3-3.2, if a client engages a brokerage to provide real estate services to or on behalf of the client, the brokerage and its related licensees must do all of the following:
- act in the best interests of the client;
- act in accordance with the lawful instructions of the client;
- act only within the scope of the authority given by the client;
- advise the client to seek independent professional advice on matters outside of the expertise of the licensee;
- maintain the confidentiality of information respecting the client;
- without limiting the requirements of Division 2 [Disclosures] of Part 5 [Relationships with Principals and Parties], disclose to the client all known material information respecting the real estate services, and the real estate and the trade in real estate to which the services relate;
- communicate all offers to the client in a timely, objective and unbiased manner;
- use reasonable efforts to discover relevant facts respecting any real estate that the client is considering acquiring;
- take reasonable steps to avoid any conflict of interest;
- without limiting the requirements of Division 2 [Disclosures] of Part 5 [Relationships with Principals and…
From the Real Estate Rules:
4-6 Restrictions and requirements related to advertising generally
4-6
- A licensee must not publish real estate advertising unless it complies with this section.
- In all cases, the licensee name of the brokerage must be displayed in a prominent and easily readable way.
- If real estate advertising identifies a managing broker, associate broker or representative, this must be done
- if that person is an individual, by using the licensee name of the individual, or
- if that person is a personal real estate corporation or a controlling individual of a personal real estate corporation, by using the licensee name of the personal real estate corporation only.
[09/09/2008 subsection (3) repealed and the above subsection (3) substituted effective 11/01/2008]
- If real estate advertising includes an office address for the licensee, this must be the address of the related brokerage office.
- If the council approves a team name for a group of related licensees, real estate advertising may also identify the group by this team name.
From the Real Estate Rules:
4-7 False or misleading advertising prohibited
4-7 A licensee must not publish real estate advertising that the licensee knows, or reasonably ought to know, contains a false or misleading statement or misrepresentation concerning real estate, a trade in real estate or the provision of real estate services.
[06/21/2011 section 4-7 repealed and the above section 4-7substituted effective 08/01/2011]
From the Real Estate Rules:
4-8 Advertising in relation to specific real estate
4-8 A licensee must not publish real estate advertising indicating that specific real estate is being offered for sale or other disposition unless the owner of the real estate, or an authorized agent of the owner, has consented to the advertising.
From the Real Estate Rules:
5-3 Signing agreements on behalf of clients
5-3
- Before signing a contract on behalf of a client, the licensee must have obtained written authorization for this from the client or an authorized agent of the client.
- For certainty, the authorization required by subsection (1) may be provided by a service agreement or separately.
From the Real Estate Rules:
5-2 Delivery of written agreements to clients
5-2 If a brokerage provides real estate services under a written agreement, whether or not the agreement is required by section 5-1 [written service agreements required in some cases] of these rules, the brokerage must deliver a copy to the client immediately on execution of the agreement.
From the Real Estate Rules:
5-9 Disclosure of interest in trade
5-9
- (1) If, under a trade in real estate,
- a licensee is to directly or indirectly acquire real estate, or
- an associate of a licensee is to directly or indirectly acquire real estate and the licensee is providing real estate services to the associate,
- the licensee must make a disclosure in accordance with this section to the owner of the real estate.
- (2) As an example of indirect acquisition, subsection (1) applies if a licensee or associate intends to acquire real estate currently owned by another person through acquisition by a third party who is subsequently to dispose of the real estate to the licensee or associate.
- (2.1) As an exception to subsection (1), an individual who is a licensee is not required to make a disclosure under that subsection if
- the real estate is rental real estate that is being acquired by the licensee, or a spouse or family partner of the licensee, with the intention that the licensee, spouse or family partner will use the real estate for personal residential purposes during the term of the lease,
- the lease or agreement to lease the real estate is for a term not exceeding one year,
- the lease or agreement does not contain an option to…
From the Real Estate Rules:
5-10 Disclosure of representation in trading services
5-10
- Before providing trading services to or on behalf of a party to a trade in real estate, a licensee must disclose to the party whether or not the licensee will represent the party as a client.
- A disclosure made under subsection (1) must be in a form approved by the council and include the following information:
- the duties and responsibilities of licensees to clients and unrepresented parties;
- how to file a complaint about a licensee’s conduct.
- Unless a licensee solicits or receives information from a party about the party’s motivation, financial qualifications or needs in respect of real estate, a disclosure to the party is not required under subsection (1) when the licensee is only
- hosting an advertised open house, or
- providing factual responses to general questions from the party.
[07/19/05 deleted “agency” from the heading effective 07/19/05]
[11/15/2017 section repealed and above substituted, effective 06/15/2018]
From the Real Estate Rules:
5-11 Disclosure of remuneration
5-11
- This section applies if a licensee receives or anticipates receiving, directly or indirectly, remuneration, other than remuneration paid directly by a client, as a result of the licensee
- providing real estate services to or on behalf of the client,
- recommending to the client
- a home inspector, mortgage broker, notary public, lawyer or savings institution, or
- any other person providing real estate related products or services, or
- recommending the client to a person referred to in paragraph (b) (i) or (ii).
- Subject to subsection (3), the licensee must promptly disclose to the client all remuneration paid or payable to the licensee’s related brokerage in relation to the real estate services provided, and the disclosure must include all of the following:
- the source of the remuneration,
- the amount of the remuneration or, if the amount of the remuneration is unknown, the likely amount of the remuneration or the method of calculation of the remuneration, and
- all other relevant facts relating to the remuneration.
- If trading services are provided by a licensee who has been designated to provide those services as a designated agent to or on behalf of only one…
From the Real Estate Rules:
5-13 Disclosure of latent defects
5-13
- (1) For the purposes of this section:
material latent defect means a material defect that cannot be discerned through a reasonable inspection of the property, including any of the following:- a defect that renders the real estate
- dangerous or potentially dangerous to the occupants,
- unfit for habitation, or
- unfit for the purpose for which a party is acquiring it, if
- the party has made this purpose known to the licensee, or
- the licensee has otherwise become aware of this purpose;
- a defect that would involve great expense to remedy;
- a circumstance that affects the real estate in respect of which a local government or other local authority has given a notice to the client or the licensee, indicating that the circumstance must or should be remedied;
- a lack of appropriate municipal building and other permits respecting the real estate.
- a defect that renders the real estate
- [08/01/2006 amended subsection (1) by adding “material” in the definition effective 09/01/2006]
- (2) A licensee who is providing trading services to a client who is disposing of real estate must disclose to all other parties to the trade, promptly but in any case before…
From the Real Estate Rules:
5-17 Dual agency in under-served remote location
5-17
- Despite section 5-16, a brokerage may engage in dual agency in respect of a trade in real estate if the real estate is in a remote location that is under-served by licensees and where it is impracticable for the parties to be provided trading services by different licensees.
- Before providing any trading services that constitute dual agency, a licensee must
- make a disclosure to each party, in a form approved by the council, that includes
- a statement of the brokerage, signed by the managing broker, clearly setting out the reasons why subsection (1) applies, and
- the following terms and information:
- the duties and responsibilities of the licensee to the clients of the licensee in a dual agency relationship;
- the risks associated with a dual agency relationship, and
- enter into a written agreement of dual agency with each party under section 3-3.1 [modification of duties] after making a disclosure under paragraph (a).
- make a disclosure to each party, in a form approved by the council, that includes
- A brokerage must provide the council with the disclosure made under subsection (2) (a) promptly after entering into a written agreement of dual agency under subsection (2) (b).
[11/15/2017 Division 4 added effective 06…
From the Real Estate Rules:
3-2 Associate broker and representative responsibilities
3-2
- Records — An associate broker or representative must promptly provide to the managing broker the original or a copy of all records referred to in
- section 8-4 [general records],
- section 8-5 [trading records],
- section 8-6 [rental property management records], or
- section 8-7.1 [strata management records]
of these rules that are in the possession of the associate broker or representative and that were prepared by or on behalf of the associate broker or representative, or received from or on behalf of a principal.
- Keeping managing broker informed – An associate broker or representative must
- keep the managing broker informed of the real estate services being provided, and other activities being performed, by the associate broker or representative on behalf of the brokerage, and
- immediately notify the managing broker if a deposit referred to in section 3-1 (4) (a) [anticipated stakeholder deposit] of these rules has not been received.
- Response to managing broker – An associate broker or representative must promptly respond to any inquiry that is addressed to the licensee by the…
From the Real Estate Rules:
4-3 Restrictions relating to home and other personal offices
4-3
- For the purposes of this section:
personal office in relation to a licensee means an office from which the licensee provides real estate services, other than a related brokerage office, and includes an office that is in the residence of the licensee or any other person. - The following rules apply if a licensee maintains a personal office from which the licensee provides real estate services:
- no sign may be placed outside the office or the building in which the office is located, or from where it is visible from outside the office or building, that indicates real estate services are provided from the office;
- the phone for the office must not be answered in the name of the related brokerage of the licensee;
- the licensee must not indicate the office address on any real estate advertising or on any other records relating to the provision of real estate services.
From the Real Estate Rules:
3-2 Associate broker and representative responsibilities
3-2
- Records — An associate broker or representative must promptly provide to the managing broker the original or a copy of all records referred to in
- section 8-4 [general records],
- section 8-5 [trading records],
- section 8-6 [rental property management records], or
- section 8-7.1 [strata management records]
of these rules that are in the possession of the associate broker or representative and that were prepared by or on behalf of the associate broker or representative, or received from or on behalf of a principal.
- Keeping managing broker informed – An associate broker or representative must
- keep the managing broker informed of the real estate services being provided, and other activities being performed, by the associate broker or representative on behalf of the brokerage, and
- immediately notify the managing broker if a deposit referred to in section 3-1 (4) (a) [anticipated stakeholder deposit] of these rules has not been received.
- Response to managing broker – An associate broker or representative must promptly respond to any inquiry that is addressed to the licensee by the…
From the Real Estate Rules:
3-2 Associate broker and representative responsibilities
3-2
- Records — An associate broker or representative must promptly provide to the managing broker the original or a copy of all records referred to in
- section 8-4 [general records],
- section 8-5 [trading records],
- section 8-6 [rental property management records], or
- section 8-7.1 [strata management records]
of these rules that are in the possession of the associate broker or representative and that were prepared by or on behalf of the associate broker or representative, or received from or on behalf of a principal.
- Keeping managing broker informed – An associate broker or representative must
- keep the managing broker informed of the real estate services being provided, and other activities being performed, by the associate broker or representative on behalf of the brokerage, and
- immediately notify the managing broker if a deposit referred to in section 3-1 (4) (a) [anticipated stakeholder deposit] of these rules has not been received.
- Response to managing broker – An associate broker or representative must promptly respond to any inquiry that is addressed to the licensee by the…
From the Real Estate Rules:
8-4 General records
8-4
- A brokerage must retain the following records:
- written disclosures under Division 2 [Disclosures] of Part 5 [Relationships with Principals and Parties] or Part 9 [Licensee Exemptions] of these rules and any related acknowledgments;
- written service agreements and any other records that establish the scope of authority of the brokerage respecting the provision of real estate services to a client;
- annual financial reports under section 7-7 [annual financial statements] of these rules; and
- notices under section 8.2 [assignment of contracts for the purchase and sale of real estate] of the regulation.
- A brokerage must prepare and retain a list, maintained separately for each fiscal year of the brokerage, of
- all trades in real estate in which the brokerage is or was involved during that year,
- all rental properties that are or were managed by the brokerage during that year, and
- all strata corporations that are or were managed by the brokerage during that year.
[04/26/2005 subsection (d) repealed and the above subsection (d) substituted effective 01/10/2006]
[10/18/2005 subsection (a) repealed and the above subsection (a) substituted…
From the Real Estate Rules:
8-5 Trading records
8-5
- A brokerage must retain the following records with respect to trades in real estate in relation to which it provides trading services:
- the contracts for the acquisition or disposition of real estate;
- any accounting statements prepared by or on behalf of the brokerage that are provided to a party by the brokerage in relation to the trade in real estate.;
[04/26/2005 subsection 1(c) repealed and the above subsection 1(c) substituted effective 07/01/2005]
- If a brokerage or a related licensee holds or receives money in relation to a trade in real estate, the brokerage must prepare and retain a record sheet respecting the trade, in a form approved by the council, that includes the following information:
- the nature of the trade in real estate;
- a description sufficient to identify the real estate involved in the trade in real estate;
- a deal number for the purposes of identifying the trade in real estate;
- the sale price or other consideration for the trade in real estate;
- the name and address of every party to the trade in real estate;
- the amount of money received that is required by section 27 [payment into trust account] of the Act to be paid into the brokerage’s trust account…
From the Real Estate Rules:
8-6 Rental property management records
8-6
- A brokerage must retain the following records with respect to its rental property management services:
- the tenancy agreements or other contracts for the rental of the real estate;
- any accounting statements prepared by or on behalf of the brokerage that are provided to clients;
- any invoices for expenditures incurred on behalf of clients.
- A brokerage that provides rental property management services must prepare and retain a record of
- the tenants at each rental property managed by the brokerage, and
- the security deposits, pet damage deposits and other deposits paid by each tenant.
- If requested by a former client, the brokerage must provide the following records to that former client or, if the former client engages another brokerage to provide such services, to the other brokerage:
- financial records referred to in section 8-2 [trust account and general account records] of these rules that relate to trust accounts maintained on behalf of the former client;
- unless they have already been provided to the former client, the records referred to in subsections (1) (a) [tenancy agreements] and (1) (c) [invoices] of this section;
- the records…