Personal Real Estate Corporations – Do You Know Everything You Need?
Answer our quiz below to ensure you’re doing everything you should to keep your Personal Real Estate Corporation in good standing. If you’ve answered “no” to any of these questions, take steps right away to make sure you’re complying with the rules and regulations for Personal Real Estate Corporations.
Have you filed your Annual Report?
The Business Corporations Act requires holders of Personal Real Estate Corporations to file an Annual Report each year. You must send the Annual Report to the Registrar of Companies within 60 days of the anniversary of your incorporation. If you don’t, the Registrar of Companies may begin dissolution proceedings on your corporation. Learn More…
Do you understand the restrictions on Personal Real Estate Corporations?
There are very specific limitations on the activities that a Personal Real Estate Corporation may undertake. Make sure that you have not contravened any of the requirements for Personal Real Estate Corporations under the Real Estate Services Act and Regulation. The Council strongly advises that any licensee with questions about these requirements should get professional accounting or legal advice. Learn More….
Do you know the status of both your individual licence and your Personal Real Estate Corporation licence?
If a Personal Real Estate Corporation is unlicensed, both you and your managing broker can face discipline – so make sure that you’ve kept both licences up to date. Use the Licensee Search on the Council’s website to check on the status of your licences. Learn More….
Are you keeping current with information from the Real Estate Council?
The Council has a useful online Guide to Personal Real Estate Corporations that answers many of the common questions about Personal Real Estate Corporations and includes a step-by-step guide to licensing. We recommend that anyone thinking of incorporating and licensing a Personal Real Estate Corporation read it carefully.
Then, get independent professional legal and accounting advice to help you understand whether a Personal Real Estate Corporation is the right choice for you – and if it is, how to make sure you satisfy all the ongoing legal requirements. Learn More…
Remember… when a Personal Real Estate Corporation is not appropriately licensed with the Real Estate Council, not maintained in good standing with the Registrar of Companies, or not controlled or operated in accordance with the Real Estate Services Regulation, the licensee who owns it and their managing broker may both face discipline.