Real Estate Act Rules

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Table of Contents

Interpretation (Rule 1)
 
Part 1 - Authorizations, Licences & Registrations
 
Division 1 - Classes of Licences (Rule 2-4)
  Classes of real estate brokers  
  Classes of mortgage brokers  
  Classes of real estate appraisers  
 
Division 2 - Authorizations (Rules 5-12)
  Real estate brokerage authorization  
  Real estate broker, associate broker and associate authorization  
  Mortgage brokerage authorization  
  Mortgage broker and associate authorization  
  Appraiser and candidate authorization  
  Termination of authorization  
  Withdrawal from industry membership  
  Lifetime licensing prohibition  
 
Division 3 - Licence Eligibility (Rules 13-15)
  Registered business office  
  Ineligibility for licence
  Bankruptcy
 
Division 4 - Licence Requirements for Individuals (Rules 16-23)
  Education, examination and other requirements  
  Real estate and mortgage broker examination requirements  
  Appraiser and candidate examination requirements  
  Suitability review  
  Licence application  
  Notice of changes to information in support of licence application  
  Licence terms, conditions and restrictions  
  Re-Licensing Education Program requirements  
 
Division 5 - Registration Certificates (Rules 24-29)
  Registration certificate  
  Expiry  
  Cancellation  
  Registration certificate application  
  Application from previous industry member  
  Registration restrictions  
 
Division 6 - Licence Requirements for Brokerages (Rules 30-33)
  Brokerage application  
  Registered broker  
  Notice requirements  
  Change of fiscal year end  
 
Division 7 - Refusal, Suspension & Cancellation of a Licence or Registration Certificate (Rules 34-38)
  Refusal  
  Suspension or cancellation of brokerage, appraiser or candidate licence  
  Temporary continuation of brokerage licence  
  Brokerage ceasing to carry on business  
  Suspension or cancellation of industry member licence  
     
Division 8 - Review of Executive Director's Decision (Rule 39)
  Review of refusal, suspension or cancellation  
     
Division 9 - Information to Be Provided by Industry Members (Rule 40)
  Notification by industry members  
 

Part 2 - Industry Standards of Practice

 
Division 1 - Standards of Conduct for All Industry Members (Rules 41-46)
  Industry member responsibilities  
  Industry member prohibitions  
  Written service agreements  
  Protection of client information  
  Referral disclosure  
  Support personnel and assistants  
 
Division 2 - Real Estate Brokerage Standards (Rules 47-63)
  Definition Sole agency with a seller
  Agency relationship Sole agency with a buyer
  Real estate brokerage responsibilities
Designated Agency
  Real estate brokerage prohibitions Transaction Brokerage for Common Law
  Real estate broker responsibilities Transaction Brokerage for Designated Agency
  Delegation by broker Customer status
  Real estate associate broker and associate responsibilities Forms
  Real estate broker, associate broker and associate prohibitions Delivery of documents
  Disclosure requirements Personal real estate trades
  Exclusive agreements Guaranteed sale
 
Division 3 - Mortgage Brokerage Standards (Rules 64-75)
  Definition Mortgage broker and associate prohibitions
  Mortgage brokerage responsibilities Collection of fees
  Mortgage brokerage prohibitions Verification of information disclosure
  Mortgage broker responsibilities
Obligations to lender clients
  Delegation by broker Delivery of documents
  Mortgage associate responsibilities Personal mortgage deals
 
Division 4 - Real Estate Appraisal Standards (Rules 76-80)
  Definition  
  Appraiser responsibilities  
  Appraiser prohibitions  
  Disclosure requirements  
  Appraisal report requirements  
 
Part 3 - Accounting, Records and Reporting Requirements (Rule 81)
  Definition  
 
Division 1 - Interpretation (Rules 82-92)
  Electronic records Trust shortage must be funded
  Electronic copies of trust fund cheques Notification of trust shortage
  Depositing funds electronically Year end report
  Electronic transfer of trust funds Brokerage accounting
  Bank reconciliation Absence of trust transactions
  Negative trust balance prohibited  
 
Division 2 - Requirements for Real Estate Brokers (Rules 93-103)
  Definition Ledgers
  Real estate trade records Financial statements
  Brokerage must maintain trust account Pooled disbursement account
  Unauthorized payment from trust Positive balance in trust or pooled trust accounts
  Payment of commission from trust Brokerage management fees
  Written leases  
 
Division 3 - Requirements for Mortgage Brokers (Rules 104-109)
  Definition  
  Mortgage deal records  
  Brokerage must maintain trust account  
  Unauthorized payment from trust  
  Pooled disbursement account  
  Brokerage management fees  
 
Division 4 - Real Estate Appraisers (Rule 110)
  Appraisal records
 
Part 4 - Errors and Omissions Insurance (Rules 111-120)
     
Division 1 - Requirements for Real Estate Brokers (Rules 111-116)
  Definitions  
  Duty to carry insurance  
  Establishment of plans  
  Insurance or indemnity plan  
  Group insurance plan  
  Notification of contravention  
 
Division 2 - Requirements for Mortgage Brokers (Rules 117-118)
  Definitions  
  Duty to carry insurance  
     
Division 3 - Requirements for Real Estate Appraisers (Rules 119-120)
  Definitions  
  Duty to carry insurance  
     
Part 5 - Fees (Rule 121)
  Fees  
 
Part 6 - Coming into Force (Rule 122)
  Coming into force  
 
Schedules
  Schedule 1 Real Estate Council of Alberta Forms and Consumer Relationships Guide
  Schedule 2 Fees
  Schedule 3 Education Code of Conduct for Learners
  Schedule 4 Education Code of Conduct for Learners: Compliance Process and Remedies

 

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