Nova Scotia Real Estate Salesperson key terms

Nova Scotia legislation that governs who may trade in real estate, how brokerages and licensees operate, and what conduct is prohibited. It creates the regulatory framework administered by the Commission.

Activities such as listing, advertising, showing, negotiating, or holding oneself out as able to buy, sell, lease, or exchange real estate for another person for compensation. Licensing is generally required before performing these acts.

The authorization issued by the Commission permitting a person to act in a defined capacity, such as salesperson, associate broker, or broker, subject to conditions and renewal requirements.

A licensed individual who trades in real estate on behalf of a brokerage and under its supervision, rather than operating independently. The salesperson's licence is tied to that brokerage.

A licensed individual authorized to trade in real estate and to supervise or manage other licensees within a brokerage, holding greater responsibility than a salesperson.

The licensed individual responsible for the overall operation and supervision of a brokerage, including ensuring compliance by all licensees acting on its behalf.

The licensed business entity through which salespersons and associate brokers trade in real estate. It must have a designated broker and is accountable for the conduct of its licensees.

The Nova Scotia Real Estate Commission, the body that licenses and regulates real estate trading, administers by-laws and policies, and handles complaints and discipline.

A rule adopted by the Commission under the Act that sets out operational requirements, such as licensing procedures, fees, trust account handling, and advertising standards.

A position or requirement adopted by the Commission that guides how licensees must act in specific situations, supplementing the Act and by-laws.

A bank account, maintained by a brokerage, into which money held on behalf of clients such as deposits is placed and kept separate from the brokerage's own funds.

Money or other property received by a licensee or brokerage on behalf of a client that must be safeguarded and accounted for under the Act and by-laws.

Money paid by a buyer as evidence of good faith toward a purchase, which is typically held in trust by the brokerage pending completion or another agreed outcome.

Any public promotion of real estate services or properties, including print, online, and social media content, which must be accurate, not misleading, and identify the brokerage as required.

The Commission's rules governing what advertisements must contain and avoid, such as identifying the brokerage, obtaining consent to advertise a property, and keeping claims truthful and current.

Advertising that is false, deceptive, or creates a false impression, including inaccurate property details or unsubstantiated claims, and which is prohibited conduct for licensees.

A statement by a licensee to a client, customer, or the public that is untrue or creates a mistaken impression, whether by words, images, or omission.

A legal relationship in which a brokerage acts for a client, owing duties such as loyalty, confidentiality, and full disclosure, created by written agreement.

A person who has entered into an agency relationship with a brokerage, receiving fiduciary duties and representation. This differs from a customer, who receives services but not agency.

A person who deals with a brokerage without an agency relationship, such as a buyer represented by no one, to whom the licensee still owes honesty and fair dealing.

A written contract that establishes the agency relationship, describes the services to be provided, and sets out the duties owed to the client.

A licensee's obligation to inform clients and customers in writing when the licensee has a personal or financial interest in a transaction, such as buying a listed property themselves.

A situation where a licensee's personal, financial, or other interest could improperly influence their duty to a client, requiring disclosure and often consent or withdrawal.

The highest standard of care owed by a brokerage to its client, including loyalty, confidentiality, avoidance of conflicts, full disclosure, and acting in the client's best interest.

A situation where the same brokerage represents both buyer and seller in one transaction. Because of the inherent conflict, it is restricted and requires informed written consent.

A model in which specific licensees within a brokerage represent one client while other licensees in the same brokerage may represent the opposing party, rather than the whole brokerage acting for both.

Conduct by a licensee that breaches the Act, regulations, by-laws, or standards of the profession, such as dishonesty, incompetence, or failure to safeguard trust funds.

A committee of the Commission that hears complaints and allegations of misconduct against licensees and may impose penalties such as fines, suspension, or licence conditions.

A written allegation submitted to the Commission that a licensee has breached legislation, by-laws, or standards, which may lead to investigation and disciplinary proceedings.

A licensee's obligation not to reveal a client's private information, such as motivation or financial circumstances, without authorization, even after the relationship ends.

The obligation to promptly tell a client all facts the licensee knows that are material to the transaction, including information that may disadvantage the client.

Information that would reasonably affect a person's decision to buy, sell, or lease a property, such as known defects or pending changes affecting value.

The requirement that a licensee possess and apply the knowledge, skill, and diligence reasonably expected for the services undertaken, or decline or refer the matter.

Directing a client or customer to another service provider, which may involve compensation and must be handled transparently with proper disclosure and consent.

Ongoing learning required of licensees to maintain and update their knowledge, typically mandated by the Commission as a condition of licence renewal.

An individual appointed to the Commission who participates in its governance and decision-making, including matters involving licensing and discipline.

Rules made under the Real Estate Trading Act that provide detailed legal requirements supplementing the statute, such as licensing and trust account provisions.