Phase 1 - Chapter 3
The Real Estate Insurance Exchange provides professional liability insurance for ____________.
errors, omissions, or negligent acts causing damage or loss occurring as a result of performing professional services while trading in real estate
A registrant providing real estate services under the supervision of a broker is a _______.
salesperson
An account where money is deposited by one for the benefit of another is a ________. The money is devoted to a particular purpose and cannot or should not be diverted for other purposes.
trust account
A complaint against a registrant can originate from a number of sources, including _________.
the public; a registrant; the Association of Saskatchewan REALTORS®; a local board committee; the Superintendent of Real Estate; the Saskatchewan Real Estate Commission on its own volition
A branch manager is a registrant who ____________.
meets the educational and experience requirements to be a managing broker, has signing authority for all matters pertaining to their branch office, and has the supervisory responsibilities of a broker over that branch manager's branch office.
When a buyer receives the use of a unit for a period of time rather than a direct ownership interest in a property, this is referred to as a ________.
time-share plan
An associate broker is a registrant who ___________.
meets the educational and experience requirements to be a broker, but who is providing real estate services under the supervision of a broker
What are a broker's three primary responsibilities?
1) Responsibility for the brokerage;
2) Responsibility for exercising the rights conferred on the brokerage and the performance of duties imposed on the brokerage by its licence; and
3) Responsibility for the control and conduct of the brokerage's real estate business, including the supervision of its related registrants.
A registrant (commonly a firm) on behalf of which other registrants provide real estate services is referred to as a _______.
brokerage
When a person deliberately misrepresents information to obtain mortgage financing that would not have been granted if the truth had been known, this constitutes ______.
mortgage fraud
Creation of a bylaw pertaining to the eduction of registrants in Saskatchewan may not come into force until it is approved by both the Superintdent of Real Estate and the the Saskatchewan Legaslative Assembly
- Regulatory bylaw (due to pertaining to the eduction)
- No regulatory byalw can come into effect until approved by the Superintendent and the SLA Saskatchean Legastlative Aseembly
Associate Broker is required to have the following in order to trade in real estate
- authorization to present the brokerge that the assocate broker is registered with
- active employment as a salesperson, associate broker, broker or branch manger fora period o 2 years during the precindg 5 years
- successful completion of the eductional requirmetns prescirbed the the SREC Bylaws
Agency agreement should include the following
- executed in the precense of a withness unless there is an applicable exemption
- contain a single expiry date that is less than 12 months from the date of the agency agreement
- show the total amount of commission to be paid to te broekerage and how it is to be calcuated