Real Estate Brokerage Act Compliance: Who Qualifies and What You Get
Learn the essential legal requirements for licensed real estate agencies to manage commissions and contract disclosures correctly.
This framework sets the legal rules that real estate agencies must follow regarding how they charge commissions and disclose contract details to their clients.
Who it's for
This applies to all licensed real estate agencies operating within the country.
What you get
Following these rules provides a legal framework for how you handle commissions and how you must disclose important contract information to your clients.
What it costs you
To stay compliant, you must maintain strict record-keeping. You are required to keep your professional records for a period of between 5 and 10 years.
The catch to know
A major violation occurs if you fail to provide "Important Matters" in writing to a client before they sign a contract. These details must be documented and handed over in advance.
How to apply
- Ensure your agency holds a valid license.
- Implement a system for documenting all "Important Matters" in writing.
- Set up a process to archive all transaction records for the required number of years.
- Consult with your local regulatory body if you are unsure about specific disclosure requirements.