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Under section 26 of the Real Estate Agents Act, the Lieutenant-Governor in Council makes the following Regulation:

1This Regulation may be cited as the General Regulation - Real Estate Agents Act.

2In this Regulation

“Act” means the Real Estate Agents Act;

“licence” means a licence issued under the Act.

“Minister” Repealed: 2006, c.16, s.155

2006, c.16, s.155

3Repealed: 96-67

94-45; 96-67

4Repealed: 96-67

88-4; 96-67

5(1)The qualification requirements for an agent’s licence are:

(a) the applicant, or if a corporation its manager where the manager is an individual or its manager’s nominee where the manager is a corporation, shall have successfully completed the educational programs and examinations required by the Association; and

(b) the applicant, or if a corporation its manager where the manager is an individual or its manager’s nominee where the manager is a corporation, shall have worked as an agent, manager or salesman for at least two years during the five years preceding the date of application for the agent’s licence.

5(2)Repealed: 96-67

5(3)Repealed: 96-67

88-4; 96-67

5.1(1)The Minister may waive the requirements of paragraph 5(1)(b) if the Minister is satisfied that the applicant, or if a corporation its manager where the manager is an individual or its manager’s nominee where the manager is a corporation, has had experience and training equivalent to the work referred to in paragraph 5(1)(b).

5.1(2)Before rendering a decision under subsection (1), the Minister shall consult with the Association.

88-4; 96-67

6(1)The qualification requirements for a manager’s licence are:

(a) the applicant, or if a corporation its nominee, shall have successfully completed the educational programs and examinations required by the Association; and

(b) the applicant, or if a corporation its nominee, shall have worked as an agent, manager or salesman for at least two years during the five years preceding the date of application for the manager’s licence.

6(2)Repealed: 96-67

6(3)Repealed: 96-67

88-4; 96-67

6.1(1)The Minister may waive the requirements of paragraph 6(1)(b) if the Minister is satisfied that the applicant, or if a corporation its nominee, has had experience and training equivalent to the work referred to in paragraph 6(1)(b).

6.1(2)Before rendering a decision under subsection (1), the Minister shall consult with the Association.

88-4; 96-67

7The qualification requirement for a salesman’s licence is that the applicant, or if a corporation its nominee, shall have successfully completed the educational programs and examinations required by the Association.

88-4; 96-67

8Repealed: 96-67

88-4; 96-67

9(1)An application for an agent’s licence shall be on the form provided by the Minister.

9(2)An application for a manager’s licence shall be on the form provided by the Minister.

9(3)An application for a salesman’s licence shall be on the form provided by the Minister.

9(4)An application for a salesman’s licence shall have attached thereto, on a form approved by the Minister, a recommendation of the applicant and of his qualifications made by or on behalf of a licensed agent.

9(5)An agent’s licence shall be on the form provided by the Minister.

9(6)A manager’s licence shall be on the form provided by the Minister.

9(7)A manager’s licence shall be inscribed with the name of the agent employing the manager.

9(8)A salesman’s licence shall be on the form provided by the Minister.

9(9)A salesman’s licence shall be inscribed with the name of the agent employing the salesman.

10(1)The amount of a bond to be furnished by an agent shall be:

(a) ten thousand dollars where the agent does not employ a salesman or manager or employs not more than one salesman or manager;

(b) twenty thousand dollars where the agent employs more than one salesman or manager and less than eleven salesmen and managers;

(c) forty thousand dollars where the agent employs more than ten and less than twenty-one salesmen and managers;

(d) sixty thousand dollars where the agent employs more than twenty and less than thirty-one salesmen and managers;

(e) eighty thousand dollars where the agent employs more than thirty and less than forty-one salesmen and managers; and

(f) one hundred thousand dollars where the agent employs more than forty salesmen and managers.

10(2)A bond referred to in this section shall be in Form 1.

11(1)The fee for an agent’s licence or a temporary agent’s licence is

(a) one hundred dollars where the applicant employs not more than five salesmen and managers,

(b) two hundred dollars where the applicant employs more than five and not more than ten salesmen and managers,

(c) three hundred dollars where the applicant employs more than ten and not more than twenty salesmen and managers, and

(d) five hundred dollars where the applicant employs more than twenty salesmen and managers.

11(2)The fee for a licence for a branch office of an agent is one hundred dollars.

11(3)The fee for a manager’s licence or a temporary manager’s licence is seventy-five dollars.

11(4)The fee for a salesman’s licence is fifty dollars.

11(5)Repealed: 96-67

86-15; 88-4; 88-112; 89-166; 91-51; 96-67

11.1The amount prescribed for the purposes of subsection 13.11(9) of the Act is three thousand dollars.

96-67

11.2(1)For the purposes of subsection 15.1(1) of the Act, the Association shall inspect, examine or audit the books, records and accounts of agents at least once every three years.

11.2(2)For the purposes of subsection (1), the Association shall inspect, examine or audit the books, records and accounts of one-third of the total number of agents each year.

96-67

12(1)The Minister may, at any time, order an audit of an agent’s books and accounts.

12(2)Where an audit is sought as a result of a complaint, the complainant may be required to deposit with the Minister a reasonable sum of money to cover the cost of the audit.

12(3)Where the audit shows that an agent’s books and accounts are not in proper order or are not kept up to date, the cost of the audit shall be paid by the agent and in default of payment the agent’s licence shall be cancelled.

13An agent or a manager, salesman or representative of that agent shall, immediately after the execution of an agreement with the agent to list real estate for sale, exchange or lease, deliver a true copy of the agreement to the person who has signed the agreement.

14No agent shall make an agreement to list real estate for sale, exchange or lease

(a) if the agreement does not contain a provision that it will expire on a certain date specified therein, or

(b) if the agreement contains more than one date on which it may expire.

15No person shall knowingly

(a) authorize, direct or aid in the publication, advertisement, distribution or circulation of any false statement or representation concerning a real estate transaction, or

(b) issue, circulate, publish or distribute or cause to be issued, circulated, published or distributed any advertisement, pamphlet, prospectus or letter concerning any real estate transaction which contains any written statement that is false or fraudulent.

16In addition to the institutions authorized by paragraph 11(a) of the Act, institutions at which an agent may maintain an account for trust deposits are credit unions that are members of the Brunswick Credit Union Federation Limited or of La Fédération des Caisses Populaires Acadiennes Limitée.

17New Brunswick Regulation 84-255 under the Real Estate Agents Act is repealed.

18This Regulation comes into force on April 1, 1985.

Form 1

N.B. This Regulation is consolidated to June 22, 2006.

85-24 - General

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