Saskatchewan Real Estate Salesperson Exam cheat sheet

A Saskatchewan salesperson must be registered under a brokerage; registration is granted to the individual but practice occurs only through the brokerage's authority.

The Saskatchewan Real Estate Commission (SREC) is the regulator; the Saskatchewan Realtors Association is a trade association, not the licensing body.

Continuing education in Saskatchewan requires completing the Commission's mandatory residential or commercial CE hours within each two-year licensing cycle.

A salesperson may not receive compensation for trading in real estate directly from a client; all remuneration flows through the brokerage.

Errors and omissions (E&O) insurance is mandatory for brokerages, and salespersons are covered under the brokerage's policy while acting within scope.

The Real Estate Act defines 'trade in real estate' broadly, including listing, buying, selling, leasing, and offering to do any of these for another party.

Advertising rules require the brokerage name and registered name of the salesperson on all advertisements, including online and social media.

A salesperson's fiduciary duties to a client include loyalty, confidentiality, disclosure, obedience to lawful instructions, and full accounting.

The Real Estate Act, 1995 is Saskatchewan's governing statute; the Real Estate Regulations and the Commission's bylaws set out operational requirements.

The Act prohibits trading in real estate without registration, with penalties including fines and prohibition from future registration.

Discipline for professional misconduct can include fines, suspension, conditions on registration, or revocation of registration.

The Commission may appoint an investigator and conduct inspections or audits of brokerage records, including trust accounts, without prior notice.

A brokerage must notify the Commission within the time specified in the bylaws when a salesperson's registration is terminated or the brokerage ceases operations.

Bylaws set requirements for trust account reconciliation frequency, record retention, and reporting to the Commission.

A person whose registration is refused or revoked may appeal to the Saskatchewan Real Estate Commission's appeal process as set out in the Act.

The Act requires written service agreements (agency or designated agency) before providing services, and disclosure of the type of agency relationship in writing.

To be registered, an applicant must be at least 18, complete approved pre-licensing education, pass the exam, and be sponsored by a registered brokerage.

Registration must be renewed each licensing cycle; practising with lapsed registration is a violation of the Act.

A salesperson may be registered with only one brokerage at a time; changing brokerages requires notification to the Commission and a new registration.

Criminal record checks and disclosure of prior disciplinary history are part of the registration application process.

A brokerage's designated broker (or broker manager) supervises salespersons and is responsible for compliance with the Act and bylaws.

Registration is personal and non-transferable; a salesperson cannot lend their registration to another person or entity.

The Commission may impose conditions, suspend, or cancel registration for failure to comply with CE requirements or bylaw obligations.

Records of registration, discipline decisions, and enforcement actions are maintained by the Commission and may be publicly accessible.

A written service agreement must be in place before a brokerage provides services; it must state the agency relationship, term, and fees.

Designated agency allows different salespersons within one brokerage to represent buyer and seller separately with confidentiality between them.

Material facts about a property that could affect a reasonable buyer's decision must be disclosed; latent defects known to the seller must be revealed.

Saskatchewan uses standard industry forms, including the Offer to Purchase, which becomes binding upon acceptance and communication of acceptance.

A deposit is held in trust by the brokerage and is typically applied to the purchase price on completion or returned per the contract terms.

Commission is negotiable and must be set out in the service agreement; there is no fixed or mandated rate of commission.

The seller's property condition disclosure statement must be provided to buyers; sellers must answer accurately to the best of their knowledge.

A salesperson must recommend that clients obtain independent legal, tax, and home inspection advice and must not practise law or provide legal opinions.

All money held on behalf of clients, including deposits and rents, must be deposited into a designated trust account at a financial institution in Saskatchewan.

Trust funds must not be commingled with the brokerage's operating funds; separate trust ledger accounts must be maintained for each client.

Trust accounts must be reconciled monthly, and records must be retained for the period specified in the bylaws (generally at least six years).

A brokerage may not withdraw commission from trust until the transaction closes or as authorized in writing by the parties.

Interest on trust accounts is handled per the Act; brokerages must follow the prescribed rules for interest earned on deposits.

Professional conduct rules prohibit misrepresentation, undisclosed dual agency, discriminatory practices, and taking advantage of a client's lack of knowledge.

A salesperson must disclose any personal interest in a property or transaction to all parties in writing before proceeding.

Confidential information from a former client must not be used or disclosed without consent, even after the agency relationship ends.

A written service agreement must be in place before a brokerage provides services; it must state the agency relationship, term, and fees.

Designated agency allows different salespersons within one brokerage to represent buyer and seller separately with confidentiality between them.

Material facts about a property that could affect a reasonable buyer's decision must be disclosed; latent defects known to the seller must be revealed.

Saskatchewan uses standard industry forms, including the Offer to Purchase, which becomes binding upon acceptance and communication of acceptance.

A deposit is held in trust by the brokerage and is typically applied to the purchase price on completion or returned per the contract terms.

Commission is negotiable and must be set out in the service agreement; there is no fixed or mandated rate of commission.

The seller's property condition disclosure statement must be provided to buyers; sellers must answer accurately to the best of their knowledge.

A salesperson must recommend that clients obtain independent legal, tax, and home inspection advice and must not practise law or provide legal opinions.