Acts and Regulations

2011, c.215 - Real Estate Agents Act

Full text
Payments into trust account
19(1)Subject to subsection (2), an agent shall pay without delay into the agent’s trust account all money received in connection with a trade other than money which belongs to the agent.
19(2)When an agent receives a cheque as a deposit with an offer, the agent shall not be required to place the cheque into the agent’s trust account before the offer is accepted, but the agent shall place the cheque into the agent’s trust account without delay on the acceptance of the offer.
19(3)Subject to subsection (4), no agent shall pay into the agent’s trust account any money which belongs to the agent.
19(4)When an agent receives money representing in part money belonging to another person and in part money due to the agent, if practicable, the agent may divide the money and pay into the trust account only that part which belongs to the other person, but otherwise the agent shall pay the whole of the money into the trust account.
R.S.1973, c.R-1, s.12; 1983, c.75, s.12
Payments into trust account
19(1)Subject to subsection (2), an agent shall pay without delay into the agent’s trust account all money received in connection with a trade other than money which belongs to the agent.
19(2)When an agent receives a cheque as a deposit with an offer, the agent shall not be required to place the cheque into the agent’s trust account before the offer is accepted, but the agent shall place the cheque into the agent’s trust account without delay on the acceptance of the offer.
19(3)Subject to subsection (4), no agent shall pay into the agent’s trust account any money which belongs to the agent.
19(4)When an agent receives money representing in part money belonging to another person and in part money due to the agent, if practicable, the agent may divide the money and pay into the trust account only that part which belongs to the other person, but otherwise the agent shall pay the whole of the money into the trust account.
R.S.1973, c.R-1, s.12; 1983, c.75, s.12