Chapter 2-3: Real Estate Act of BC

Learning Objectives: - Discuss the purpose and the scope of the Real Estate Services Act ("RESA") - Describe the licensing system, including the requirements for licensing, exemptions from licensing, levels of licences, and categories of licences - Describe the roles and responsibilities of the Real Estate Council, the Superintendent of Real Estate, the Real Estate Foundation, the Real Estate Errors and Omissions Insurance Corporation, and the Real Estate Compensation Fund Corporation - Explain how RESA provides protection to the public - Summarize the key trust account obligations on licensees - Provide examples of some of the issues discussed within the Rules - Describe the consequences of a licensee's breach of RESA - Describe the Real Estate Council's disciplinary and enforcement procedures - Discuss the purpose and the scope of the Real Estate Development Marketing Act ("REDMA") - Describe which types of developments require a disclosure statement when units are sold - Explain the various rescission rights contained in REDMA