C-73.2, r. 8 - Regulation respecting broker’s and agency licences

Section 16 Disposition versions

2023-03-23

16. An agency licence is suspended by the Organization if

(1)  the agency fails to pay any sum owing to the insurance fund;

(2)  the holder or the executive officer of the agency fails to take and pass within the prescribed time any course or complete any training required by the inspection or discipline committee or taken as a consequence of a voluntary commitment on their part;

(3)  the holder or the executive officer of the agency fails to take any continuing or additional training required by the Organization and, where applicable, to pass the training;

(4)  the holder fails to set up and maintain a trust account in accordance with the Regulation respecting records, books and registers, trust accounting and inspection of brokers and agencies (chapter C-73.2, r. 4);

(5)  the Organization becomes aware of the agency’s failure to update information or a document required under the Real Estate Brokerage Act (chapter C-73.2) or this Regulation;

(6)  the holder ceases to have the qualifications required of an agency executive officer or, in the case of a partnership or a legal person, it has not been headed by a person having those qualifications for a period of more than 60 days; or

(7)  the holder no longer meets a requirement for the issue or maintenance of the licence, other than the requirement in subparagraph a of paragraph 5 of section 6 of this Regulation, and no specific provision in the Real Estate Brokerage Act or this Regulation deals with such a failure.

O.C. 295-2010, s. 16; O.C. 174-2023, s. 15.

2012-09-01

16. An agency licence is suspended by the Organization if

(1)  the agency fails to pay any sum owing to the insurance fund;

(2)  the holder or the executive officer of the agency fails to take and pass within the prescribed time any course or complete any training required by the inspection or discipline committee or taken as a consequence of a voluntary commitment on their part;

(3)  the holder or the executive officer of the agency fails to take any additional training required by the Organization and, where applicable, to pass the training;

(4)  the holder fails to set up and maintain a trust account in accordance with the Regulation respecting records, books and registers, trust accounting and inspection of brokers and agencies (chapter C-73.2, r. 4);

(5)  the Organization becomes aware of the agency’s failure to update information or a document required under the Real Estate Brokerage Act (chapter C-73.2) or this Regulation;

(6)  the holder ceases to have the qualifications required of an agency executive officer or, in the case of a partnership or a legal person, it has not been headed by a person having those qualifications for a period of more than 60 days; or

(7)  the holder no longer meets a requirement for the issue or maintenance of the licence, other than the requirement in subparagraph a of paragraph 5 of section 6 of this Regulation, and no specific provision in the Real Estate Brokerage Act or this Regulation deals with such a failure.

O.C. 295-2010, s. 16.