Real Estate Act

Part 4 - Real Estate Assurance Fund

Section 57 - Fund Continued
57(1)

 The Real Estate Assurance Fund created under the Real Estate Agents’ Licensing Act, RSA 1980 cR‑5, is continued.

(2) The Council shall administer the Fund.
(3) The purpose of the Fund is to pay, in whole or in part, judgments obtained or claims made against industry members of the classes provided for in the regulations when
  (a) in the case of a judgment, the judgment is based on fraud or breach of trust in respect of a transaction in the business of an industry member, or
  (b) in the case of a claim, the claim is for losses or damages caused where an industry member fails to disburse or account for money held in trust in accordance with section 25 in respect of a transaction in the business of an industry member.
(4)

The Council may with the prior written approval of the Minister use any or all of the money in the Fund that is in excess of the amount prescribed in the regulations for any other purpose authorized in the regulations.

(5) The Council may from time to time collect money by the levy of assessments on applicants to become industry members and on the classes of industry members provided for in the regulations.
(6) The money collected under subsection (5) and any income from the investment of that money shall be credited to the Fund.
(7) The Council is deemed to hold in trust all money credited to the Fund and shall immediately deposit that money in a trust account in a bank, loan corporation, trust corporation, credit union or treasury branch in Alberta, separate and apart from any other money of the Council.
(8) The Council shall create separate trust accounts for money to which subsection (3) applies and for money to which subsection (4) applies.
(9) Notwithstanding subsections (6) and (7), the Council may, from the income from the investment of the money in the Fund, pay the administrative costs associated with the Fund.
(10) If the income from the investment of the money in the Fund is insufficient to pay the administrative costs associated with the Fund, the Council may
  (a) from time to time collect money to pay those costs by the levy of assessments on any of the persons referred to in subsection (5),
  (b)

use money referred to in subsection (4) to pay those costs, or

  (c) use money from a combination of sources referred to in clauses (a) and (b) to pay those costs.
   
 

RSA 2000 cR‑5 s57;2003 c31 s16;2007 c39 s31

 

Continue with Part 4 Section 58 - Investment and Insurance

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