Acts and Regulations

85-24 - General

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Current to 1 January 2024
NEW BRUNSWICK
REGULATION 85-24
under the
Real Estate Agents Act
(O.C. 85-120)
Filed February 22, 1985
Under section 48 of the Real Estate Agents Act, the Lieutenant-Governor in Council makes the following Regulation:
2013, c.31, s.34
1This Regulation may be cited as the General Regulation - Real Estate Agents Act.
2In this Regulation
“Act” means the Real Estate Agents Act;(loi)
“licence” means a licence issued under the Act.(permis)
“Minister” Repealed: 2006, c.16, s.155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5(2)Repealed: 96-67
5(3)Repealed: 96-67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 Director may waive the requirements of paragraph 5(1)(b) if the Director 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 Director shall consult with the Association.
88-4; 96-67; 2013, c.31, s.34
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6(2)Repealed: 96-67
6(3)Repealed: 96-67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 Director may waive the requirements of paragraph 6(1)(b) if the Director 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 Director shall consult with the Association.
88-4; 96-67; 2013, c.31, s.34
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 Director.
9(2)An application for a manager’s licence shall be on the form provided by the Director.
9(3)An application for a salesperson’s licence shall be on the form provided by the Director.
9(4)An application for a salesperson’s licence shall have attached to it, on a form approved by the Director, 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 Director.
9(6)A manager’s licence shall be on the form provided by the Director.
9(7)A manager’s licence shall be inscribed with the name of the agent employing the manager.
9(8)A salesperson’s licence shall be on the form provided by the Director.
9(9)A salesperson’s licence shall be inscribed with the name of the agent employing the salesperson.
2013, c.31, s.34
10(1)The amount of a bond that an agent shall furnish is:
(a) $10,000 if the agent does not employ a salesperson or manager or employs no more than one salesperson or manager;
(b) $20,000 if the agent employs more than one salesperson or manager and less than 11 salespeople and managers;
(c) $40,000 if the agent employs more than ten and less than 21 salespeople and managers;
(d) $60,000 if the agent employs more than 20 and less than 31 salespeople and managers;
(e) $80,000 if the agent employs more than 30 and less than 41 salespeople and managers; and
(f) $100,000 if the agent employs more than 40 salespeople and managers.
10(2)Repealed: 2022-57
2013, c.31, s.34; 2022-57
11Repealed: 2022-57
86-15; 88-4; 88-112; 89-166; 91-51; 96-67; 2013, c.31, s.34; 2022-57
11.1The amount prescribed for the purposes of subsection 22(9) of the Act is three thousand dollars.
96-67; 2018-38
11.2(1)For the purposes of subsection 27(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; 2018-38
12Repealed: 2016, c.36, s.16
2013, c.31, s.34; 2016, c.36, s.16
13An agent or a manager, salesperson 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.
2013, c.31, s.34
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.
15Repealed: 2016, c.36, s.16
2016, c.36, s.16
16In addition to the institutions authorized by paragraph 18(1)(a) of the Act, a credit union as defined in the Credit Unions Act is an institution at which an agent may maintain an account for trust deposits.
2010-164; 2018-38
17New Brunswick Regulation 84-255 under the Real Estate Agents Act is repealed.
18This Regulation comes into force on April 1, 1985.
Form 1
Repealed: 2013, c.31, s.34
2013, c.31, s.34
N.B. This Regulation is consolidated to September 1, 2022.