3.2(1)No licence shall be issued to a manager unless

3.2(2)A manager’s licence shall be valid only while the manager is acting as a manager employed by and representing the agent making the declaration referred to in paragraph (1)(c), and the termination of the employment of the manager with that agent shall operate as a cancellation of the manager’s licence.

3.22(1)A manager shall not

3.22(2)Notwithstanding subsection (1), the Minister may permit a manager, if the Minister is satisfied that it is not contrary to the public interest and subject to such terms and conditions the Minister may impose,

4(1)No licence shall be issued to a salesman unless

4(2)A salesman’s licence shall be valid only while the salesman is acting as a salesman employed by and representing the agent making the declaration referred to in paragraph (1)(c), and the termination of the employment of the salesman with that agent shall operate as a cancellation of the salesman’s licence.

5(1)Upon receipt of an application for a licence and upon payment of the prescribed fee, the Minister may, if he is satisfied that the applicant is suitable to be licensed and that the issuing of the proposed licence is not for any reason objectionable, issue to the applicant a licence authorizing the holder during the term thereof to carry on the business of an agent or act as a manager or salesman within the Province, but if the Minister, after due investigation made by him or his representative is, for any reason, of the opinion that the applicant should not be granted a licence, he may refuse a licence to the applicant.

5(3)The Minister may suspend or cancel any licence where in his opinion such action is in the public interest.

5(3.1)Where the licence of an agent is suspended or cancelled, the licences of all salesmen and managers of the agent are also suspended or cancelled.

5(4)The licence of an agent and of every manager and salesman of that agent expires on the last day of the twelfth month following the issuance of the agent’s licence.

5(5)No person whose licence has been cancelled because of his misconduct shall be entitled to apply for a new licence for one year after the cancellation.

5(6)Any person dissatisfied with any decision of the Minister under this section may appeal therefrom to a judge of The Court of Queen’s Bench of New Brunswick.

5(7)When a licence has been suspended or cancelled by or under this Act the holder of the licence shall forthwith return the licence to the Minister.

6(1)Every application for a licence shall be made in writing on the form provided by the Minister and shall be accompanied by such fee as may be prescribed.

6(2)Before issuing a licence the Minister may make such inquiries and require such information as he deems desirable and shall require the furnishing of such security or proof of financial responsibility as is prescribed by regulation.

6(3)Every application for a licence shall be accompanied by a bond in such amount and form, subject to the provisions of section 17, as may be prescribed, or a certificate of a surety company that a surety bond previously filed on behalf of the applicant is in full force and effect.

7(1)An applicant or licensee may change his address for legal service by delivering written notice to the Minister of his new address for legal service.

7(2)Any notice under this Act or the regulations shall be deemed to be served for all purposes if delivered or sent by registered or certified mail to the latest address for legal service provided by the applicant or licensee.

9(1)Every agent shall notify the Minister forthwith in writing

9(2)Every salesman, manager and official of an agent and, in the case of a corporate manager or salesman, its nominee, shall notify the Minister forthwith in writing of

10(1)Notwithstanding paragraph 3(a), where a licensed agent who is an individual dies or becomes incapacitated, the Minister may, upon receipt of an application for a licence and upon payment of the prescribed fee, issue a temporary agent’s licence to a person who, in the opinion of the Minister, is qualified to act as an agent.

10(2)The licence issued under subsection (1) shall be for a term of not more than six months and shall authorize the holder to carry on the business of an agent only in relation to the trading in real estate of the deceased or incapacitated agent.

10(3)Notwithstanding any other provision of this Act, where a licence is issued under subsection (1), every salesman licensed as a salesman under this Act who was employed by the deceased or incapacitated agent at the time of the death or incapacitation of the agent shall be deemed to be licensed as a salesman under this Act and to be employed by and to represent the agent who is issued the temporary agent’s licence under subsection (1) for the period for which the temporary licence is issued except that termination of the employment of the salesman with the agent who is issued the temporary agent’s licence under subsection (1) shall operate as a cancellation of the salesman’s licence.

10(4)Notwithstanding any other provision of this Act, where a licence is issued under subsection (1), every manager licensed as a manager under this Act who was employed by the deceased or incapacitated agent at the time of the death or incapacitation of the agent shall be deemed to be licensed as a manager under this Act and to be employed by and to represent the agent who is issued the temporary agent’s licence under subsection (1) for the period for which the temporary licence is issued except that termination of the employment of the manager with the agent who is issued the temporary agent’s licence under subsection (1) shall operate as a cancellation of the manager’s licence.

10.1(1)Notwithstanding paragraph 3.2(1)(a), where a licensed manager who is an individual dies or becomes incapacitated, the Minister may, upon receipt of an application for a licence and upon payment of the prescribed fee, issue a temporary manager’s licence to a person who, in the opinion of the Minister, is qualified to act as a manager.

10.1(2)The licence issued under subsection (1) shall be for a term of not more than six months and shall authorize the holder to act as a manager of the agent who has filed a declaration under paragraph 3.2(1)(c) in respect of the deceased or incapacitated manager.

12(1)Subject to subsection (2), an agent shall forthwith pay into his trust account all money received in connection with a trade other than money which belongs to the agent.

12(2)Where an agent receives a cheque as a deposit with an offer, he shall not be required to place the cheque into his trust account before the offer is accepted, but he shall place the cheque into his trust account forthwith on the acceptance of the offer.

12(3)Subject to subsection (4), no agent shall pay into his trust account any money which belongs to the agent.

12(4)Where an agent receives money representing in part money belonging to another person and in part money due to the agent, he may, if practicable, divide the money and pay into the trust account that part only which belongs to the other person, but otherwise he shall pay the whole of the money into the trust account.

13.1(1)Subject to subsection (2), an agent who receives a deposit on any trade in real estate shall hold it as trustee on behalf of all the parties to the trade in accordance with their respective rights under the offer or contract, and not as agent for any one of them, and he shall have the responsibility to pay or account for it to the proper party, and in the event of any dispute between the parties in respect of the deposit, he may, and if it is necessary to resolve the dispute he shall, pay the deposit into court on an interpleader.

13.1(2)Notwithstanding subsection (1), an agent may receive a deposit as agent for one party to a trade in real estate if the offer or contract under which the deposit is received so provides and every other party acknowledges this provision in writing, either in a separate document or in a separate part of the offer or contract.

13.11(1)Notwithstanding section 13.1, an agent who receives a deposit referred to in subsection 13.1(1) may, in the event of a dispute between the parties in respect of the deposit and with the agreement of the parties, apply to the Minister to resolve the dispute between the parties.

13.11(2)Upon receipt of an application under subsection (1), the Minister may conduct a hearing to determine the rights of the parties in respect of the deposit.

13.11(3)An application under subsection (1) shall

13.11(4)The Minister shall determine the rights of the parties in respect of the deposit and shall direct the disposition of the deposit as between the parties.

13.11(5)The decision of the Minister is final, except that a party may appeal any decision of the Minister involving any question as to the jurisdiction of the Minister or any question of law.

13.11(6)An appeal of the decision of the Minister shall be made to a judge of The Court of Queen’s Bench of New Brunswick within fifteen days after the receipt by the party of the written decision of the Minister.

13.11(7)The written decision of the Minister shall be sent to the parties by ordinary mail and shall be deemed to have been received by the parties within seven days after the decision was mailed.

13.11(8)A judge of The Court of Queen’s Bench of New Brunswick may extend the time within which an appeal under subsection (6) may be made.

13.11(9)This section applies to deposits that do not exceed an amount prescribed by regulation.

13.4(1)Subject to subsection (4), every person who is licensed as an agent under this Act holding funds in trust or on account of any or all of the parties to a trade shall instruct the depository to remit all the interest earned thereon to the Association at such times during the year as shall be determined by the Association, but not less frequently than semi-annually.

13.4(2)All interest on an account referred to in subsection (1) is the property of the Association and is recoverable as a debt owing to the Association.

13.4(3)Subject to subsection (4), an agent who deposits funds under this section shall not be required to account to any party except the Association for any interest earned on money deposited pursuant to this section.

13.4(4)Notwithstanding anything in this section, an agent may on the written instructions of all parties to a trade hold any deposit received on the trade in a separate interest bearing trust account and, if the agent is so instructed, he shall pay any interest on the account in accordance with the written instructions.

13.4(5)Any written instructions referred to in subsection (4) shall be acknowledged separately and shall state the person to whom any interest is to be paid.

13.4(6)Every agent who receives from a person money which he is required to deposit in trust, or which he is instructed by the person to hold in trust for that person, whenever he has reasonable and probable grounds to believe that the money will not be required within ninety days, shall advise the person that the money may be deposited in a separate interest bearing trust account pursuant to subsection (4).

15.1(1)The Association shall inspect, examine or audit the books, records and accounts of agents in accordance with the regulations for the purposes of ensuring compliance with this Act and the regulations.

15.1(2)The Association shall ensure that the Minister is provided with a copy of the results of each inspection, examination and audit conducted under subsection (1).

15.2(1)The Association may appoint in writing inspectors to inspect, examine and audit books, records and accounts maintained in offices of agents.

15.2(2)The Association shall furnish every inspector with a certificate of the inspector’s appointment signed by the President of the Association and, on entering any place for the purposes of inspection, an inspector shall, on demand, produce the certificate to the person in charge of the place.

15.2(3)A certificate that purports to be an appointment under this section is admissible in evidence without proof of signature and is prima facie evidence that its holder has been duly appointed under subsection (1).

15.2(4)For the purposes of ensuring compliance with this Act and the regulations, an inspector may

15.2(5)An inspector removing a book, record or account from premises under subsection (4) shall first provide a receipt for it to the person in charge of the premises and shall promptly return the book, record or account to the premises after completion of the making of copies or taking of extracts, as the case may be.

15.2(6)Copies of or extracts from books, records or accounts removed from premises under this Act and certified by the person making the copies or taking the extracts as being true copies of or extracts from the originals are admissible in evidence to the same extent as, and have the same evidentiary value as, the books, records or accounts of which they are copies or from which they are extracts.

15.3(1)Every person shall give all reasonable assistance to the inspector to enable the inspector to exercise powers given under this Act and shall furnish the inspector with such information, books, records and accounts as the inspector may reasonably request.

15.3(2)No person shall hinder, obstruct or otherwise interfere with an inspector who is carrying out the inspector’s duties and functions under this Act.

15.3(3)No person shall knowingly make a false or misleading statement, either orally or in writing, or provide or produce a false book, record or account to an inspector who is carrying out the inspector’s duties and functions under this Act.

17(1)For the purposes of this section “fraud” shall be deemed to include failure to maintain and operate a trust account in accordance with sections 11, 12 and 13.

17(2)The Minister may declare a bond given under this Act forfeited

17(3)A bond given under this Act shall be deemed to be in effect for a period of two years following the date on which the bond would otherwise terminate by lapse, expiry or cancellation, but liability under the bond is limited to acts or omissions prior to that date of the agent, salesman or other person in respect of whose conduct the bond has been conditioned; and a clause to this effect shall be deemed to be inserted in every bond given for the purposes of this Act.

17(4)Notwithstanding any other provision of this Act, the total liability of the insurer under the bond shall not at any time exceed the face value of the bond.

17(5)Where new bonds have been issued from time to time by the same guarantor party on the expiry of previous bonds all such bonds shall be deemed to be one continuing bond and the maximum amount for which the guarantor party shall be liable shall be the face value of the bond last issued upon expiry of a previous bond.

17(6)The Minister may assign any bond forfeited under the provisions of this section or may, subject to subsection (9), pay over any money recovered thereunder to any person, or to the Registrar of The Court of Queen’s Bench of New Brunswick, in trust for such persons as may become, in respect of claims arising out of trades in real estate, judgment creditors of the person so bonded, or to any trustee, custodian, interim receiver, receiver or liquidator of such judgment creditors as the case may be, such assignment or payment over to be in accordance with, and upon conditions set forth in the regulations or in any special order of the Lieutenant-Governor in Council.

17(7)The Minister, whenever Her Majesty becomes a creditor of any person in respect of a debt to the Crown arising under this Act, may take such proceedings as the Minister sees fit under the Bankruptcy and Insolvency Act (Canada), the Judicature Act, the Companies Act, the Winding-up Act or the Winding-up Act (Canada) for the appointment of an interim receiver, custodian, trustee, receiver or liquidator as the case may be.

17(8)Where a bond has been forfeited under the provisions of subsection (2) by reason of a conviction or judgment under paragraph (a) thereof and the Minister has not within two years of such conviction or judgment having become final, or of the agent or salesman in respect of whom the bond was furnished ceasing to carry on business as such, received notice in writing of any claim against the proceeds of the bond or of such portion thereof as remains in the possession of the Minister, the Lieutenant-Governor in Council may, subject to subsection (9), direct the Minister to pay such proceeds or portion thereof to any person who upon forfeiture of the bond made any payments thereunder.

17(9)Where money has been recovered by the Minister under a bond forfeited under subsection (2), the Minister may deduct from that money and retain

18(1)The Minister may, and the Association or any person authorized by it, when directed by the Minister, shall,

18(2)A person in respect of whom the investigation is made shall make prompt and explicit answers to all inquiries made pursuant to subsection (1).

18(3)The person making the investigation may at all reasonable times demand from any agent, manager or salesman and inspect any book, paper, document, correspondence, communication or record mentioned in subsection (1), and any agent, manager or salesman who has the custody, possession or control of any such book, paper, document, correspondence, communication or record shall produce it and permit the inspection thereof by the person making the investigation.

18(4)The person making the investigation may, upon giving or leaving a receipt therefor, remove any book, paper, document, correspondence, communication or record of the person whose business affairs are being investigated for the purpose of examining or making copies of it.

18(5)Any book, paper, document, correspondence, communication or record removed under subsection (4) shall be promptly returned, unless required for the purpose of evidence in a proceeding under this Act or the regulations, in which case the person making the investigation shall, upon request and without charge, furnish a copy of any item so removed.

18(6)For the purposes of this section, the Minister or any other person authorized by him in writing shall have all the powers of a commissioner appointed under the Inquiries Act.

21(1)Before deciding whether to grant or refuse an application for a licence of an agent, a manager or a salesman, or to suspend or cancel any existing licence, or to reinstate a suspended or cancelled licence, the Minister may refer any matter to the Association for its recommendation.

21(2)Where a matter is referred to the Association under subsection (1), the Association may, and if requested by the Minister or by a person affected shall, hold a hearing into the matter at which the person affected has a right to be heard and may be represented by counsel.

21(3)The Association may appoint a hearing committee of not less than three members of the Association to conduct a hearing under this section, and, for the purpose of conducting a hearing, the Association or the committee may exercise the powers of commissioners under the Inquiries Act.

21(4)The Association shall submit to the Minister a report on its activities in relation to any matter referred to it under this section, together with its recommendation as to the granting, refusal, suspension, cancellation or reinstatement of the licence.

22(1)No person is bound by an agreement with an agent to list real estate for sale, exchange or lease

22(2)All commission or other remuneration payable to an agent in respect of the sale of any real estate shall be upon an agreed amount or percentage of the sale price; and where no agreement as to the amount of the commission has been entered into, the rate of commission or other basis or amount of remuneration shall be that generally prevailing in the community where the real estate is situate.

22(3)No agent, manager or salesman shall request or enter into an agreement for the payment to him of a commission or other remuneration based on the difference between the price at which any real estate is listed for sale and the actual sale price thereof, and no agent, manager or salesman is entitled to retain any commission or other remuneration so computed.

22.1(1)Subject to subsection (2), an agent is not entitled to a commission where real estate is sold, exchanged or leased after the expiry of a listing agreement.

22.1(2)Where real estate is sold, exchanged or leased after the expiry of a listing agreement as a result of services performed by the agent before the expiry, the agent is entitled to recover his commission notwithstanding the expiry if the other conditions of the listing agreement have been satisfied and the owner knew that the real estate was sold, exchanged or leased as a result of the services performed by the agent.

22.1(3)Where an agent is entitled to recover a commission under subsection (2), no other agent is entitled to a commission from the owner notwithstanding any agreement to the contrary.

23(1)Except where subsection (2) applies, where an agent or an associate of an agent intends to acquire real estate or any interest therein, the agent or the associate shall, before either directly or indirectly acquiring or attempting to acquire any interest in the real estate, disclose to the owner that he is an agent or an associate of an agent, as the case may be.

23(2)Where an agent or an associate of the agent intends to acquire real estate or any interest therein and the owner has listed the real estate with the agent, or has discussed with the agent or the associate the listing of the real estate with the agent, that agent or that associate shall, before either directly or indirectly acquiring or attempting to acquire any interest in the real estate, disclose to the owner

23(3)Where an agent or an associate of an agent owns real estate or any interest therein, he shall, before selling any interest in the real estate, disclose to the prospective purchaser

23(4)The disclosure required by subsections (1) and (3) shall be made in a separate written statement the receipt of which is acknowledged in writing by the owner or prospective purchaser, as the case may be.

23(5)The disclosure required by subsection (2) shall be made

23(6)Where an agent or an associate is in breach of this section he is liable for any reasonably foreseeable loss that was caused by the breach.

23(7)In this section, “associate” means

23(8)For the purposes of this section, a person has a material interest

23.2(1)No licensee shall make any arrangement with a barrister or solicitor for the referral of business to the barrister or solicitor in return for the payment of a finder’s fee or any other benefit.

23.2(2)No licensee shall refer a person to any lender with whom the licensee has an arrangement for the referral of business in return for the payment of a finder’s fee or any other benefit, unless before or at the time of making the referral the licensee discloses in writing to that person that he has such an arrangement.

23.3(1)Subject to subsection (3), no agent shall advertise to promote a trade unless the advertisement clearly indicates

23.3(2)Subject to subsection (3), no salesman, manager or official of an agent shall advertise to promote a trade unless the advertisement clearly indicates

23.3(3)Paragraphs (1)(b) and (2)(b) do not apply to a sign.

23.5(1)Where an agent receives an offer in writing, he shall as soon as practicable

23.5(2)Where an agent receives an acceptance in writing, he shall as soon as practicable

24(1)A person who violates or fails to comply with a provision of this Act that is listed in Column I of Schedule A commits an offence.

24(2)For the purposes of Part II of the Provincial Offences Procedure Act, each offence listed in Column I of Schedule A is punishable as an offence of the category listed beside it in Column II of Schedule A.

24(3)A person who violates or fails to comply with a provision of the regulations commits an offence punishable under Part II of the Provincial Offences Procedure Act as a category B offence.

26(1)The Lieutenant-Governor in Council may make, amend, alter or repeal regulations not inconsistent with this Act

27(1)Notwithstanding the repeal of sections 19, 20 and 20.1, the Real Estate Council retains such power and authority as is necessary so as to enable it to carry out the requirements of subsection (2).

27(2)The Real Estate Council shall collect any money owing to it under section 13.4 of the Act immediately before the commencement of this section and shall pay off its debts and transfer its remaining assets to The New Brunswick Real Estate Association for its use.

27(3)The New Brunswick Real Estate Association shall not use or invest any money transferred to it from the Real Estate Council, or any of the interest accruing on the money, without the prior approval of the Minister.