Nova Scotia Real Estate Salesperson cheat sheet
Nova Scotia Real Estate Salesperson · Keep the key ideas within reach.
Real Estate Trading Act and Regulations
A person must hold a current licence issued by the Registrar before trading in real estate; trading without a licence is an offence under the Act.
Licence classes include broker, associate broker, and salesperson; a salesperson may trade only while employed by a licensed broker.
The Registrar may refuse, suspend, or revoke a licence for misconduct, misrepresentation, or failure to meet prescribed qualifications.
Licence renewal is annual; continuing education requirements set by the Commission must be completed before renewal is granted.
A trust account must be maintained by the broker for deposit of money received on behalf of clients, kept separate from operating funds.
Records of every trade, trust transaction, and client agreement must be kept and made available to the Registrar or Commission on request.
The Act defines 'trade' broadly to include listing, advertising, negotiating, and holding out as available to trade in real estate.
Commission by-law and policy made under the Act are binding; breach may result in disciplinary action independent of any civil remedy.
A licencee must notify the Registrar of a change of employer, name, or business address within the prescribed time.
Commission By-law
Commission is payable only under an enforceable written agreement; oral commission arrangements are not enforceable.
A brokerage agreement must state the amount or rate of commission, the term, and the services the brokerage will provide.
Commission is earned when the brokerage has performed the services specified in the agreement, not merely when an offer is received.
A buyer's brokerage agreement must be in writing and signed before the brokerage acts for the buyer.
Where a listing agreement expires, the brokerage may claim commission on a sale to a buyer introduced during the term only if the agreement contains a holdover clause.
Commission may be payable on a transaction even if the sale does not complete, where the agreement so provides and the buyer defaults.
Referral fees between licensees must be disclosed to the client and paid through the brokerage, not directly between salespersons.
The by-law sets out the procedure for resolving commission disputes between competing brokerages, including written notice requirements.
Policies and Advertising Requirements
All advertising must identify the brokerage by its registered name; a salesperson may not advertise independently of the brokerage.
Advertising must be accurate and not misleading; material facts about a property must not be omitted or misstated.
A salesperson's name may appear in advertising only in conjunction with the brokerage name and with the broker's consent.
Advertisements for a property must state that the property is listed with the brokerage and must not imply a direct sale by the owner.
Testimonials and claims in advertising must be genuine and verifiable; unsubstantiated superlatives are prohibited.
Advertising placed on third-party platforms remains subject to the same rules; the brokerage is responsible for content it authorizes.
Signs, flyers, and online listings must be removed or updated promptly when a listing expires or is withdrawn.
Advertising must not use another brokerage's listing without permission or misrepresent the source of a listing.
Agency Relationships and Disclosure
Agency relationships must be established and disclosed in writing before the brokerage provides services to a client.
The brokerage must disclose, in writing and at the earliest practicable time, the types of agency available and the duties owed.
A dual agency arises when the same brokerage represents both buyer and seller in one transaction; it requires informed written consent from both parties.
A designated agency model permits different salespersons within one brokerage to represent different parties, with written disclosure.
A customer is a party to whom no agency duty is owed; the brokerage still owes honesty, fairness, and disclosure of material facts.
Fiduciary duties owed to a client include loyalty, confidentiality, full disclosure, obedience to lawful instructions, and accounting.
Confidential information learned from a client must not be disclosed without consent, even after the agency relationship ends.
A salesperson must disclose any personal interest in a property or transaction and any benefit received beyond commission.
Agency disclosure must occur before an offer is presented and must be acknowledged in writing by the parties.
Conduct, Trade Practices and Professional Standards
A licensee must act honestly and with reasonable care and skill in all dealings with clients and customers.
Misrepresentation of a material fact, whether negligent or intentional, is a breach of the Act and grounds for discipline.
A licensee must not take advantage of a client's trust, ignorance, or distress to obtain a benefit.
Commingling client funds with personal or brokerage operating funds is prohibited; trust money must be deposited to a trust account.
A licensee must present all written offers promptly and objectively, and must not withhold or delay an offer without instruction.
Conflicts of interest must be disclosed promptly in writing; a licensee must not act where a conflict cannot be managed with consent.
A licensee must cooperate with a Commission investigation and must respond to requests for records within the time specified.
Discipline may include a reprimand, fine, suspension, or revocation, and may require completion of additional education.
A licensee must not engage in conduct that undermines public confidence in the real estate profession, whether or not a client is harmed.
Real Estate Trading Act and Regulations
Licence applications require proof of age, good character, and completion of the prescribed pre-licensing course.
A salesperson licence is tied to a sponsoring broker; the licence is suspended if the association with the broker ends.
The Registrar may impose conditions on a licence, and the licensee must comply with those conditions while trading.
Trust account reconciliations must be performed at the prescribed intervals and records retained for the period set by regulation.
Interest earned on trust funds is handled as the regulations provide; it must not be retained by the brokerage as operating income.
A licensee must report a criminal charge or conviction to the Registrar as required by the regulations.
The regulations prescribe the forms and content for listing agreements, buyer brokerage agreements, and disclosure documents.
Trading in real estate includes holding oneself out as a person who trades, even without a completed transaction.
Commission By-law
A commission agreement must be signed by the client and the brokerage before the brokerage is entitled to commission.
The agreement must specify the expiry date; an open-ended listing without a term is not enforceable.
A holdover clause entitles the brokerage to commission if the property sells to a buyer introduced during the term within the holdover period.
Where two brokerages claim commission, the by-law sets out a written notice and arbitration process.
Commission disputes must be raised within the time limits set by the by-law; late claims may be barred.
A salesperson may not accept commission directly from a client; all commission is paid to and through the brokerage.
The brokerage must disclose to the client any commission sharing or referral arrangement affecting the transaction.
Policies and Advertising Requirements
Advertising must not use the term 'agent' in a way that misrepresents the agency relationship actually in place.
Photographs and descriptions in advertising must accurately represent the property and must not be materially altered.
Advertising of a property must include the brokerage name and may include the salesperson's name with broker approval.
A licensee must not advertise a property as 'exclusive' or 'new' unless the claim is accurate at the time of publication.
Advertising through social media is subject to the same rules as print and broadcast advertising.
The brokerage must retain copies of advertising for the period required by policy and produce them on request.
Advertising must not disclose confidential client information without consent.
A licensee must not advertise services in a manner that suggests a guaranteed result or outcome that cannot be assured.
Agency Relationships and Disclosure
The agency disclosure form must be provided to the client and signed before any services are provided.
In a dual agency, the brokerage must not disclose one party's confidential information to the other without consent.
A designated agency requires written disclosure identifying which salesperson represents which party.
A customer is owed honesty and disclosure of material facts but not loyalty or confidentiality.
The brokerage must disclose any financial interest it or its salespersons have in a transaction.
Agency duties survive the transaction to the extent needed to protect confidential information.
A salesperson must not act for a party without a written agency agreement where one is required by policy.
Disclosure must be made in language the client can understand, and the client must be given an opportunity to ask questions.
Conduct, Trade Practices and Professional Standards
A licensee must not make a false or misleading statement about a property, its value, or its condition.
A licensee must not pressure a client to accept or reject an offer against the client's stated wishes.
A licensee must not offer or accept a secret commission or undisclosed benefit in connection with a trade.
A licensee must maintain client confidentiality except where disclosure is required by law or consented to.
A licensee must not act in a transaction where the licensee's personal interest conflicts with the client's interest without written disclosure and consent.
A licensee must keep accurate records of all transactions and make them available to the Commission.
A licensee must not engage in discriminatory practices in the provision of services.
A licensee must respond honestly to a Commission inquiry and must not obstruct an investigation.
Real Estate Trading Act and Regulations
The Act establishes the Commission and the office of the Registrar, who administers licensing and discipline.
The Registrar may suspend a licence immediately where the public interest requires it, pending a hearing.
A person aggrieved by a Registrar decision may appeal as provided by the Act within the prescribed time.
A licensee must not trade while the licence is suspended or expired, even if a renewal application is pending.
The regulations set out the minimum trust account records, including deposit records, cheque records, and reconciliations.
A brokerage must notify the Commission of a change in the broker of record within the prescribed time.
The Act prohibits a person from holding out as a licensee when not licensed.
The regulations prescribe the content of the mandatory disclosure of agency relationships and the timing of that disclosure.
Commission By-law
A listing agreement must be in writing and signed by the seller and the brokerage to be enforceable.
The commission rate or amount must be stated in the agreement; a blank or vague term may make the agreement unenforceable.
A buyer's brokerage agreement must state the term and the services to be provided.
Commission is not payable where the brokerage has not performed the services specified in the agreement.
A holdover clause must state its duration and the class of buyers to which it applies.
A salesperson must not solicit a client to breach an existing commission agreement with another brokerage.
The by-law governs the process for resolving competing commission claims between brokerages.
Policies and Advertising Requirements
Advertising must not state or imply that a property is available for sale by a private seller when it is listed.
A licensee must not advertise a property without the seller's written consent.
Advertising must not include a photograph of a person without that person's consent.
Advertising must not use another brokerage's trademark or logo without permission.
Online advertising must be updated or removed when the listing status changes.
Advertising claims about a licensee's experience or sales volume must be accurate and supportable.
The brokerage is responsible for advertising placed by its salespersons.
Advertising must not use high-pressure or misleading language that could deceive a consumer.
Agency Relationships and Disclosure
Agency disclosure must occur before the client signs a listing or buyer brokerage agreement.
The disclosure must explain the difference between a client and a customer.
The disclosure must explain the duties owed in each agency model offered by the brokerage.
A client must consent in writing to any change in the agency relationship.
A salesperson must not act for both parties in a transaction without the written consent of both.
The brokerage must disclose any referral arrangement that may affect the client's interests.
Agency disclosure must be given in a form approved by the Commission.
A licensee must not disclose a client's motivation or financial position without consent.
Conduct, Trade Practices and Professional Standards
A licensee must treat all parties to a transaction honestly and fairly.
A licensee must not misrepresent the licensee's qualifications or licence status.
A licensee must not engage in conduct that is unbecoming of a licensee or that harms the public interest.
A licensee must not accept a benefit from a third party without disclosing it to the client.
A licensee must not use a client's confidential information for personal gain.
A licensee must cooperate with other licensees in a transaction to the extent consistent with the client's interests.
A licensee must not obstruct another licensee's performance of duties to that licensee's client.
A licensee must maintain professional competence through continuing education.
Real Estate Trading Act and Regulations
The Act defines 'real estate' to include land, buildings, and interests in land.
Trading includes negotiating a trade and holding oneself out as available to trade.
A licensee must not trade in real estate for a client while the licensee's own licence is under suspension.
The regulations prescribe the records a brokerage must keep for trust accounts and transactions.
A brokerage must maintain a separate trust account for client funds and must not use it for operating expenses.
The Registrar may require a licensee to produce records for inspection.
A licensee must notify the Registrar of a change of address within the prescribed time.
The Act provides for penalties for trading without a licence.
Commission By-law
Commission is payable to the brokerage, not to the salesperson individually.
A commission agreement must be signed before the brokerage is entitled to commission.
The agreement must state the term and the services to be provided.
A holdover clause must be in writing and must specify its duration.
A brokerage may not claim commission on a transaction it did not perform services for.
Commission disputes between brokerages are resolved under the by-law's notice and arbitration process.
A salesperson must not accept a referral fee directly from another salesperson.
Policies and Advertising Requirements
Advertising must identify the brokerage by its registered name.
A salesperson's name may appear in advertising only with the broker's consent and in conjunction with the brokerage name.
Advertising must be accurate and must not omit material facts.
Advertising must not imply a direct sale by the owner when the property is listed.
Advertising must be removed or updated when the listing expires or is withdrawn.
The brokerage is responsible for advertising placed by its salespersons.
Advertising must not use another brokerage's listing without permission.
Advertising must not make unsubstantiated claims about results or services.
Agency Relationships and Disclosure
A written agency agreement must be in place before the brokerage provides services.
The brokerage must disclose the agency models it offers before the client signs an agreement.
Dual agency requires written consent from both parties.
Designated agency requires written disclosure of which salesperson represents which party.
A customer is owed honesty and disclosure of material facts but not loyalty.
Confidential information must not be disclosed without consent, even after the relationship ends.
A licensee must disclose any personal interest in a transaction.
Agency disclosure must be acknowledged in writing by the parties.
Conduct, Trade Practices and Professional Standards
A licensee must act honestly and with reasonable care and skill.
Misrepresentation of a material fact is a breach of the Act.
A licensee must not take advantage of a client's trust or distress.
Commingling client funds with operating funds is prohibited.
A licensee must present all written offers promptly.
Conflicts of interest must be disclosed in writing.
A licensee must cooperate with a Commission investigation.
Discipline may include a reprimand, fine, suspension, or revocation.
Real Estate Trading Act and Regulations
A licence is required before a person may trade in real estate.
Licence classes include broker, associate broker, and salesperson.
A salesperson may trade only while employed by a licensed broker.
The Registrar may refuse, suspend, or revoke a licence for misconduct.
Licence renewal is annual and requires continuing education.
A broker must maintain a trust account for client funds.
Records must be kept and produced to the Registrar on request.
A licensee must notify the Registrar of a change of employer or address.
Commission By-law
Commission is payable only under a written agreement.
The agreement must state the commission amount or rate and the term.
Commission is earned when the brokerage performs the specified services.
A buyer's brokerage agreement must be in writing and signed.
A holdover clause must be in writing and specify its duration.
Commission is paid to the brokerage, not the salesperson.
Referral fees must be disclosed to the client.
Commission disputes are resolved under the by-law's process.
Policies and Advertising Requirements
Advertising must identify the brokerage by its registered name.
Advertising must be accurate and not misleading.
A salesperson's name may appear only with broker consent and the brokerage name.
Advertising must not imply a private sale when the property is listed.
Advertising must be removed or updated when the listing ends.
The brokerage is responsible for its salespersons' advertising.
Advertising must not use another brokerage's listing without permission.
Advertising claims must be genuine and verifiable.
Agency Relationships and Disclosure
Agency relationships must be disclosed in writing before services are provided.
The brokerage must disclose the agency models it offers.
Dual agency requires written consent from both parties.
Designated agency requires written disclosure of representation.
A customer is owed honesty but not loyalty.
Confidential information must not be disclosed without consent.
A licensee must disclose any personal interest in a transaction.
Agency disclosure must be acknowledged in writing.
Conduct, Trade Practices and Professional Standards
A licensee must act honestly and with reasonable care and skill.
Misrepresentation of a material fact is prohibited.
A licensee must not take advantage of a client's trust.
Commingling client funds is prohibited.
A licensee must present all written offers promptly.
Conflicts of interest must be disclosed in writing.
A licensee must cooperate with a Commission investigation.
Discipline may include a reprimand, fine, suspension, or revocation.
Real Estate Trading Act and Regulations
A licence is required before trading in real estate.
Licence classes include broker, associate broker, and salesperson.
A salesperson may trade only while employed by a licensed broker.
The Registrar may refuse, suspend, or revoke a licence.
Licence renewal is annual and requires continuing education.
A broker must maintain a trust account.
Records must be produced to the Registrar on request.
A licensee must notify the Registrar of a change of employer or address.
Commission By-law
Commission is payable only under a written agreement.
The agreement must state the commission amount or rate and the term.
Commission is earned when the brokerage performs the specified services.
A buyer's brokerage agreement must be in writing and signed.
A holdover clause must be in writing and specify its duration.
Commission is paid to the brokerage, not the salesperson.
Referral fees must be disclosed to the client.
Commission disputes are resolved under the by-law's process.
Policies and Advertising Requirements
Advertising must identify the brokerage by its registered name.
Advertising must be accurate and not misleading.
A salesperson's name may appear only with broker consent and the brokerage name.
Advertising must not imply a private sale when the property is listed.
Advertising must be removed or updated when the listing ends.
The brokerage is responsible for its salespersons' advertising.
Advertising must not use another brokerage's listing without permission.
Advertising claims must be genuine and verifiable.
Agency Relationships and Disclosure
Agency relationships must be disclosed in writing before services are provided.
The brokerage must disclose the agency models it offers.
Dual agency requires written consent from both parties.
Designated agency requires written disclosure of representation.
A customer is owed honesty but not loyalty.
Confidential information must not be disclosed without consent.
A licensee must disclose any personal interest in a transaction.
Agency disclosure must be acknowledged in writing.
Conduct, Trade Practices and Professional Standards
A licensee must act honestly and with reasonable care and skill.
Misrepresentation of a material fact is prohibited.
A licensee must not take advantage of a client's trust.
Commingling client funds is prohibited.
A licensee must present all written offers promptly.
Conflicts of interest must be disclosed in writing.
A licensee must cooperate with a Commission investigation.
Discipline may include a reprimand, fine, suspension, or revocation.
Real Estate Trading Act and Regulations
A licence is required before trading in real estate.
Licence classes include broker, associate broker, and salesperson.
A salesperson may trade only while employed by a licensed broker.
The Registrar may refuse, suspend, or revoke a licence.
Licence renewal is annual and requires continuing education.
A broker must maintain a trust account.
Records must be produced to the Registrar on request.
A licensee must notify the Registrar of a change of employer or address.
Commission By-law
Commission is payable only under a written agreement.
The agreement must state the commission amount or rate and the term.
Commission is earned when the brokerage performs the specified services.
A buyer's brokerage agreement must be in writing and signed.
A holdover clause must be in writing and specify its duration.
Commission is paid to the brokerage, not the salesperson.
Referral fees must be disclosed to the client.
Commission disputes are resolved under the by-law's process.