Open a sessionThe InfoLetter issued on April 20 raised a few questions: here are the answers!
Source: ACAIQ
Many of you read the April 21 InfoLetter closely and called us for additional information on a few points you wished to clarify. To access the April 21 InfoLetter, click on the link below.
ACAIQ Infoletter • April 21, 2010
The following topics elicited the most queries and may be of interest to you: 1. Identification of brokers and agencies in advertising 2. Incorporation of a broker working for an agency 3. Transitional Annex 4. Standard letter 5. Right to take the current examination 6. OACIQ Regulation highlights 7. Mandatory continuing education 8. Trust account Here are some additional details to point you in the right direction so that you may find all the information you need on these topics.
Advertising: identification of brokers and agencies (mandatory stipulations)
We received a few queries regarding the mandatory stipulations that must be included in all advertising, solicitation and representations related to the practice of real estate brokerage. We are currently putting the last touches to our revised Advertising Guide, which will be ready by the end of May. In the meantime, you can read the document Advertising: Identification of brokers and agencies (mandatory stipulations) by clicking on the link below. In addition, Synbad will soon have concrete examples to illustrate the rules with which you will have to comply in this area.
Advertising: Identification of brokers and agencies (mandatory stipulations)
Incorporation of a broker working for an agency
The Info ACAIQ Centre received several calls regarding the ability for brokers to have their remuneration (commission or other) paid to a partnership (legal person) owned by them. Starting with the coming into force of the new Real Estate Brokerage on May 1, 2010, an agency will indeed be able to pay any remuneration due to a broker acting on its behalf to a partnership controlled by the broker. For more details on the application of this provision, you can access a document on this topic by clicking on the link below.
Use of the Transitional Annex and FINTRAC rules
Some of you asked if you will have to complete additional documents to meet FINTRAC rules on identity verification when using the Transitional Annex. The answer to that question is No. You should also note that you will not be required to fill out any other document when you verify the client’s identity. The verification of identity which you will be doing under clause TA.2 of the Transitional Annex will be sufficient to meet FINTRAC requirements. However, you should know that your other obligations remain, including declaring attempts at suspicious transactions. To this effect, we refer to you to three articles published on our website which you may find useful to re-read.
Money Laundering Legislation will bring changes to Real Estate Transactions in 2008
Requirements related to record keeping and client identification
Understanding and complying with the new requirements against money laundering
To access the Transitional Annex, click on the link below or go to Synbad.
Annex - Brokerage Contract • Transition Period (legal size)
Standard letter – Disclosure of shared remuneration
Several of you also asked whether they will have to send the standard letter in a situation where a promise to purchase is accepted. The answer to this question is Yes. It is important to know that the standard letter should be sent in all cases where a brokerage contract exists when the new Act comes into force. This way, your clients will have all the up-to-date information, your obligations will be fulfilled and you won’t have to do a second round of mailings in a situation where, for example, an accepted promise to purchase is cancelled for any reason. To access the standard letter, click on the link below or go to Synbad.
Standard letter - Disclosure of remuneration sharing
Right to take the current examination
Several of you asked about the conditions to take the current examination following the coming into force of the new Act. On February 23, 2010, we published an article entitled Right to take the current examination once the new act comes into force, which explains the terms in full detail. You may access this article by clicking on the link below.
Right to take the current examination once the new act comes into force
OACIQ Regulations highlights
We prepared a document for you entitled Official publication of the OACIQ regulations by the government: analysis and highlights, which was included in the April 20 InfoLetter. Click on the link below to access it.
Official publication of the OACIQ regulations by the government: analysis and highlights
Mandatory continuing education on the new Act
The mandatory continuing education session on the new Act prompted many questions from members. Look for the InfoLetter on Tuesday, May 4 for all the information you need on this topic.
Trust account
Many of you wanted to know who would be responsible for opening and maintaining a trust account. Read the rules concerning the management of trust accounts in the following document:
Trust account: Who is in charge of opening and maintaining it?
We hope these additional details will help answer your questions. Should you require additional clarification, please contact the INFO ACAIQ Information Centre 450 462-9800 between 9:00 a.m. and 4:00 p.m. on Monday, Tuesday, Thursday and Friday, and between 10:00 a.m. and 4:00 p.m. on Wednesday. You may also reach the Centre by email at info@acaiq.com, making sure to include your complete contact information so an information agent can call you back.
We are pleased to see the level of interest generated by the information we disseminate through our weekly InfoLetter. Keep reading us under the new Act!
