Saskatchewan Real Estate Broker Exam key terms

Saskatchewan's statute governing the licensing, conduct, and discipline of real estate professionals, and the authority under which the regulator's bylaws and standards are made.

Rules made under the Real Estate Act that set out operational requirements such as licensing procedures, trust account handling, records, and advertising, and that carry the force of law.

The official appointed to administer the Act, including issuing, renewing, suspending, or cancelling licences and investigating complaints about registrants' conduct.

The authorization issued to a person or brokerage to trade in real estate in Saskatchewan; practising without a valid licence is a contravention of the Act.

A person or firm holding a current licence under the Act, and therefore bound by its duties, the bylaws, and the regulator's standards of conduct.

The licensed business entity through which real estate trading is conducted; it holds trust money, employs or engages salespersons, and bears responsibility for supervising its registrants.

The individual licensed to manage a brokerage, responsible for its day-to-day operations, supervision of salespersons, and compliance with trust account and record-keeping duties.

An individual licensed to trade in real estate while associated with a brokerage, acting under the broker's supervision and the brokerage's policies.

A relationship in which one person (the agent) is authorized to act on behalf of another (the client) and owes that client fiduciary duties such as loyalty and full disclosure.

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

A party for whom a brokerage has agreed to act as agent, receiving the full range of agency duties and representation under a written service agreement.

A party a brokerage deals with but does not represent as agent, owed honesty, fairness, and accurate information rather than fiduciary duties.

A situation where the same brokerage represents both buyer and seller (or both sides of a transaction) in one trade, requiring informed written consent from all parties.

A party's agreement to a representation arrangement given after receiving a full, understandable explanation of the risks and consequences, without pressure or misrepresentation.

An arrangement where different licensees within one brokerage represent opposing parties, so duties flow to the designated representative rather than the whole firm.

A circumstance where a registrant's personal or financial interest, or a duty to another party, could improperly influence their judgment; it must be disclosed promptly.

The duty to reveal material facts promptly and accurately to clients, and to deal honestly with customers and other parties to a trade.

Information that could reasonably influence a party's decision to buy, sell, or set a price, such as known defects, zoning changes, or pending litigation.

The written agreement setting out the parties, property, price, deposit, conditions, and closing terms for a real estate transaction; it becomes binding when accepted and communicated.

A written proposal by a buyer to acquire property on stated terms; once accepted and communicated by the seller, it forms a binding contract.

A response that changes the terms of an offer, which legally rejects the original offer and creates a new proposal open to acceptance or further counter.

A term making the contract dependent on a future event, such as financing or inspection; if the condition is not waived or satisfied, the contract may not complete.

Money paid by a buyer to show good faith, held by the brokerage in trust and applied to the purchase price or dealt with per the contract on default.

The written contract between a brokerage and a client that defines the services, term, fees, and representation duties, and must be signed before or when services begin.

A service agreement in which a seller engages a brokerage to market property, specifying the term, commission, and type of listing (exclusive, open, or multiple listing).

The remuneration a brokerage earns for services under a service agreement, payable as agreed and not negotiable in a way that bypasses the brokerage's entitlement.

A bank account, designated as a trust account, into which a brokerage deposits money belonging to others, such as deposits and rents, kept separate from its own funds.

Funds received by a brokerage on behalf of another party in a trade, including deposits and rent, which must be handled strictly according to the Act and bylaws.

The required periodic comparison of trust account records to the bank statement and individual client ledgers, documenting that trust funds are accounted for.

The files and accounts a brokerage must keep for each trade, including contracts, disclosures, and trust records, retained for the period required by the bylaws and open to inspection.

The broker's duty to oversee salespersons' activities, review their transactions, and ensure the brokerage's policies and the Act are followed.

The conditions an applicant must meet to be licensed, such as education, good character, and association with a brokerage, verified by the regulator before a licence is issued.

Promotion of property or services by a registrant, which must be accurate, not misleading, and identify the brokerage as required by the bylaws.

A false or misleading statement of fact made to induce a party to enter a contract; negligent or fraudulent misrepresentation may lead to discipline and civil liability.

Conduct falling below the standards expected of registrants, such as dishonesty, breach of trust, or failure to comply with the Act, which may result in discipline.

The body that hears complaints and allegations against registrants, determines whether misconduct occurred, and imposes penalties such as fines, suspension, or licence revocation.

The voluntary relinquishment of a known right, such as a buyer's decision to waive a financing or inspection condition so the contract becomes firm.

A hidden physical problem with a property that is not readily observable on inspection and that the seller may be obliged to disclose to a buyer.