Saskatchewan Real Estate Broker Exam flashcards
Saskatchewan Real Estate Broker Exam · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Saskatchewan Real Estate Commission
- The body that administers the Real Estate Act in Saskatchewan, registers brokers and salespeople, investigates complaints, and imposes discipline for breaches of the Act, Regulations, and Bylaws.
- Real Estate Act
- The Saskatchewan statute that establishes registration requirements, brokerage obligations, trust account rules, and the disciplinary authority of the Commission over registrants.
- Registration categories
- The Act provides for broker, associate broker, salesperson, and branch manager registration; a salesperson may trade only while registered and supervised by a broker.
- Continuing education requirement
- Registrants must complete the education mandated by the Commission's Bylaws within each licensing cycle to maintain registration and remain in good standing.
- Fiduciary duties
- Duties owed by a brokerage to its client: loyalty, obedience to lawful instructions, disclosure, confidentiality, accounting, and reasonable care and skill.
- Brokerage as legal agent
- The brokerage, not the individual salesperson, is the legal agent; associates act on the brokerage's behalf and the brokerage is responsible for their conduct.
- Agency agreement contents
- A written agency agreement must state the type of agency, its term, the fee or how it is calculated, and the duties of the brokerage, and be signed by both parties.
- Confidentiality after termination
- The duty of confidentiality continues after the agency agreement ends and covers information acquired during the agency relationship.
- Dual agency
- A situation where the same brokerage represents both buyer and seller in one transaction; it requires the informed written consent of both clients.
- Designated agency
- A model where the brokerage designates different associates to act for each client in a transaction, limiting the flow of confidential information between them.
- Material fact disclosure
- Known facts that affect the value of the property or a party's decision must be disclosed to all parties, regardless of which side the registrant represents.
- Customer relationship
- A non-client party is owed honesty and disclosure of material facts but not fiduciary duties such as undivided loyalty or full confidentiality.
- Statute of Frauds
- Real estate contracts must be in writing and signed by the party to be charged; oral agreements to sell land are generally unenforceable.
- Counter-offer effect
- A counter-offer rejects and terminates the original offer; the original offer cannot later be accepted unless the offeror revives it.
- Conditions precedent
- Contract terms such as financing or inspection that must be satisfied or waived by a stated deadline or the contract lapses.
- Time of the essence
- A contract term making deadlines enforceable; missing a stated date can constitute breach and entitle the other party to remedies.
- Deposit handling
- The deposit is held in trust by the listing brokerage, credited to the purchase price on completion, and generally forfeited on buyer default per the contract.
- Offer to purchase contents
- The offer must identify the parties, property, price, deposit, possession and adjustment dates, and all conditions and schedules attached.
- Service agreement terms
- A listing or buyer representation agreement must state the services, term, commission or fee, and when the fee becomes payable.
- Seller disclosure statement
- A required disclosure of known property defects and issues that the buyer must be given the chance to review before waiving conditions.
- Trust account deposit rule
- All client money, including deposits and rents, must be deposited into the brokerage's trust account and kept separate from operating funds.
- Trust reconciliation
- Trust accounts must be reconciled monthly, with records showing each client's balance at all times and available to the Commission on request.
- Commingling prohibition
- Trust funds may not be mixed with brokerage operating money or used to pay brokerage expenses; doing so is a disciplinary offence.
- Commission withdrawal
- Commission may be withdrawn from trust only after closing or as authorized in writing by the client.
- Broker supervision duty
- The registered broker is responsible for supervising associates, ensuring registration and continuing education, and reviewing and retaining trade records.
- Advertising identification
- Advertising must identify the brokerage name; associates may not advertise in a way that suggests they are the brokerage.
- Branch manager role
- A branch office must have a registered branch manager responsible for the day-to-day supervision of that office and its associates.
- Records retention
- The brokerage must keep trade records, including offers, counter-offers, and service agreements, for the period prescribed by the Regulations.
- Secret commission prohibition
- A registrant must not accept undisclosed referral fees or commissions; all compensation must be disclosed to the client.
- Discipline penalties
- The Commission may caution, fine, suspend, cancel, or impose conditions on registration following a finding of misconduct.
- Duty to cooperate
- Registrants must cooperate with Commission investigations and produce records on request; failure to do so is a separate violation.
- Conduct unbecoming
- Conduct that is discreditable to the profession or that harms public confidence in registrants is a disciplinary matter under the Act.