Saskatchewan Real Estate Salesperson Exam flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Saskatchewan Real Estate Commission

The provincial regulator that registers salespersons and brokerages, sets education and bylaw requirements, audits trust accounts, and disciplines registrants for misconduct under the Real Estate Act.

Trade in real estate

A statutory term covering listing, buying, selling, leasing, or offering to do any of these on behalf of another person for compensation or expectation of compensation.

Fiduciary duty

The legal obligation a salesperson owes a client, including loyalty, confidentiality, full disclosure of material information, obedience to lawful instructions, and accounting for all money and property.

Continuing education requirement

Registrants must complete the Commission's mandatory CE hours each licensing cycle; failure to do so can result in conditions on or suspension of registration.

Advertising identification rule

All advertising, including online and social media, must display the brokerage's registered name and the salesperson's registered name so the public knows who is responsible.

Real Estate Act, 1995

Saskatchewan's governing statute for the industry; it establishes registration requirements, prohibitions on unregistered trading, enforcement powers, and discipline authority.

Commission investigation powers

The Commission may appoint investigators and inspect brokerage records, including trust accounts, to verify compliance with the Act, regulations, and bylaws.

Discipline penalties

Sanctions for professional misconduct can include fines, suspension, conditions on registration, mandatory education, or revocation of registration.

Written service agreement

A required written contract stating the agency relationship, its term, the services provided, and the fees; it must be in place before services are provided.

Appeal of registration decision

An applicant or registrant whose registration is refused, suspended, or revoked may appeal through the process established in the Act.

Registration eligibility criteria

An applicant must be at least 18, complete approved pre-licensing education, pass the exam, and be sponsored by a registered brokerage before registration is granted.

Single brokerage rule

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

Designated broker responsibility

The designated broker supervises the brokerage's salespersons and is accountable for the brokerage's compliance with the Act, regulations, and bylaws.

Non-transferable registration

Registration belongs to the individual and cannot be lent, sold, or used by another person or entity to trade in real estate.

Lapsed registration

Practising after registration expires or is suspended is a violation of the Act and can result in enforcement action and penalties.

Criminal record disclosure

Applicants must provide a criminal record check and disclose prior disciplinary history; the Commission assesses suitability for registration based on the results.

Designated agency

A model in which different salespersons within one brokerage represent buyer and seller separately, with confidentiality maintained between the designated representatives.

Material fact disclosure

Facts that could affect a reasonable buyer's decision, including known latent defects, must be disclosed to the buyer by the salesperson or seller.

Offer to Purchase

The standard Saskatchewan contract form; it becomes binding when accepted and acceptance is communicated to the offeror, subject to any stated conditions.

Property condition disclosure

The seller's statement answering questions about the property's condition to the best of their knowledge; it must be provided to buyers.

Deposit handling

A deposit is held in the brokerage's trust account and applied to the purchase price on completion or returned according to the contract's terms.

Commission negotiability

Commission rates are negotiable between the brokerage and client and must be stated in the written service agreement; no rate is fixed by law.

Scope of practice limits

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

Trust account deposit requirement

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

No commingling rule

Trust funds must be kept separate from the brokerage's operating funds, with a separate trust ledger maintained for each client.

Monthly trust reconciliation

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

Commission withdrawal from trust

Commission may be withdrawn from the trust account only when the transaction closes or when the parties authorize it in writing.

Trust account interest

Interest earned on trust deposits is handled according to the rules prescribed by the Act and bylaws, not retained at the brokerage's discretion.

Prohibited conduct

Misrepresentation, undisclosed dual agency, discriminatory practices, and taking advantage of a client's lack of knowledge are prohibited professional conduct.

Personal interest disclosure

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

Former client confidentiality

Confidential information obtained during an agency relationship must not be used or disclosed without consent, even after the relationship ends.

Brokerage notification duty

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