Acts and Regulations

2011, c.215 - Real Estate Agents Act

Section 43.1
Disposition versions

Full text
Record-keeping
2016, c.36, s.15
43.1(1)The following definition applies in this section.
“regulatory authority” means a person empowered by the laws of a jurisdiction to regulate the activities of an agent.
43.1(2)An agent shall keep the following records:
(a) a copy of each written offer to purchase real estate obtained by the agent or the agent’s manager or salesperson; and
(b) a record showing in respect of each transaction or trade
(i) the date of it,
(ii) the nature of the trade,
(iii) a description of the real estate involved sufficient to identify it,
(iv) the true consideration for the trade,
(v) the names of all parties to the trade,
(vi) the amount of the deposit received and a record of the disbursement of it, and
(vii) the amount of the agent’s commission or other remuneration and the name of the party paying it.
43.1(3)In addition to the records required to be kept under subsection (2), an agent shall keep books, records and accounts that are necessary for the proper recording of the agent’s business and affairs and any other books, records and accounts that are otherwise required under this Act or the regulations.
43.1(4)An agent shall ensure that the books, records and accounts required to be kept under subsection (2) or (3) show and readily distinguish
(a) all money received from or on behalf of and all money paid to or on behalf of others, and the amount of money held on behalf of each person, and
(b) all money received and paid on the agent’s own behalf.
43.1(5)An agent shall keep the books, records and accounts at a safe location and in a durable form.
43.1(6)An agent shall retain the books, records and accounts for a minimum period of seven years after the date of the transaction or trade to which the books, records or accounts relate.
43.1(7)An agent shall deliver to the Director, or to any other employee of the Commission, at any time that the Director or other employee requires
(a) any of the books, records and accounts that are required to be kept by the agent under this Act or the regulations, and
(b) any filings, reports or other communications made to any other regulatory authority.
2016, c.36, s.15