Nova Scotia Real Estate Salesperson flashcards
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32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Trading without a licence
- A person who trades in real estate without a current licence issued by the Registrar commits an offence under the Act and may face penalties.
- Salesperson sponsorship
- A salesperson licence is tied to a sponsoring broker; if that association ends, the salesperson may not trade until a new sponsor is arranged.
- Trust account rule
- A broker must deposit client money into a separate trust account and must not commingle it with operating funds or personal money.
- Registrar suspension power
- The Registrar may suspend or revoke a licence for misconduct or failure to meet qualifications, and may impose conditions on a licence.
- Written commission agreement
- Commission is payable only under a written agreement signed by the client and the brokerage stating the amount or rate and the term.
- Holdover clause
- A written clause allowing the brokerage to claim commission if the property sells to a buyer introduced during the term within a stated period after expiry.
- Buyer brokerage agreement
- A written agreement between a buyer and a brokerage stating the term and services provided, signed before the brokerage acts for the buyer.
- Referral fee disclosure
- Any referral fee or commission sharing affecting a transaction must be disclosed to the client and paid through the brokerage, not directly between salespersons.
- Brokerage name in advertising
- All advertising must identify the brokerage by its registered name; a salesperson may not advertise independently of the brokerage.
- Salesperson name in ads
- A salesperson's name may appear in advertising only with the broker's consent and only in conjunction with the brokerage name.
- Misleading advertising
- Advertising must be accurate and must not omit or misstate material facts about a property, its value, or the services offered.
- Listing status updates
- Signs, flyers, and online listings must be removed or updated promptly when a listing expires, is withdrawn, or is sold.
- Agency disclosure timing
- Agency relationships must be disclosed in writing and acknowledged by the parties before the brokerage provides services or presents an offer.
- Dual agency consent
- Dual agency arises when one brokerage represents both buyer and seller and requires informed written consent from both parties.
- Designated agency
- A model in which different salespersons within one brokerage represent different parties, with written disclosure identifying who represents whom.
- Client versus customer
- A client has an agency relationship with the brokerage and is owed fiduciary duties; a customer is owed honesty and disclosure of material facts only.
- Fiduciary duties
- Duties owed to a client include loyalty, confidentiality, full disclosure, obedience to lawful instructions, and accounting for money.
- Confidentiality after closing
- A licensee must not disclose a client's confidential information without consent, even after the agency relationship has ended.
- Material fact misrepresentation
- A false or misleading statement about a material fact, whether negligent or intentional, is a breach of the Act and grounds for discipline.
- Commingling prohibition
- Mixing client trust funds with personal or brokerage operating funds is prohibited and is a disciplinary offence.
- Offer presentation duty
- A licensee must present all written offers promptly and objectively and must not withhold or delay an offer without client instruction.
- Conflict of interest disclosure
- A licensee must disclose any personal or financial interest in a transaction promptly in writing and must not act where a conflict cannot be managed with consent.
- Disciplinary penalties
- Discipline may include a reprimand, fine, suspension, or revocation of licence, and may require completion of additional education.
- Continuing education renewal
- Licence renewal is annual and requires completion of the continuing education required by the Commission before the renewal is granted.
- Record retention
- A brokerage must keep records of every trade, trust transaction, and client agreement and produce them to the Registrar or Commission on request.
- Commission earned
- Commission is earned when the brokerage has performed the services specified in the written agreement, not merely when an offer is received.
- Competing commission claims
- Where two brokerages claim commission on the same transaction, the by-law sets out a written notice and arbitration process with time limits.
- Advertising on social media
- Advertising placed on third-party or social media platforms is subject to the same accuracy, brokerage-name, and consent rules as other advertising.
- Advertising records
- The brokerage must retain copies of advertising for the period required by policy and produce them to the Commission on request.
- Agency agreement in writing
- A written agency agreement must be in place before the brokerage provides services, and any change in the relationship requires written consent.
- Personal interest disclosure
- A licensee must disclose any personal interest in a property or transaction and any benefit received beyond commission.
- Cooperation with investigation
- A licensee must respond honestly to Commission inquiries, produce records within the time specified, and must not obstruct an investigation.