NSAR Exam Preparation Exam ACTUAL
QUESTIONS AND CORRECT ANSWERS
The Three-way Relationship - CORRECT ANSWER the 3 tiers of the professional
trade organization for real estate in Canada. It includes the Canadian Real Estate Association
(CREA), Provincial/Territorial associations, and real estate boards (localized)
Nova Scotia Association of Realtors - CORRECT ANSWER a voluntary provincial
organization that represents organized real estate in Nova Scotia. It is a combined service of
the provincial association and local boards within one structure.
The NSAR provides these services - CORRECT ANSWER MLS, Lockbox systems,
Webforms, advocacy at 3 levels of government, arbitration services, education
The NSAR is divided into this many regions - CORRECT ANSWER Seven
The Canadian Real Estate Association - CORRECT ANSWER the association
responsible for National Activities, International Activities and trademarks (MLS and
Realtor.)
NSREC - CORRECT ANSWER an independent non-government agency that is
responsible for the regulation of the Real Estate Industry in Nova Scotia
Real Estate Trading Act (RETA) - CORRECT ANSWER created in 1997, this act
established the NSREC as a corporate body and transfers responsibility from the provincial
government to the NSREC, giving the commission the power to create and enforce it's by-
laws to protect the public by establishing standards.
3 Standing committees for the NSREC - CORRECT ANSWER Discipline Committee,
Licensing Committee, and the Complaint review committee
, The complaint Review Committee - CORRECT ANSWER made up of licensees and
members of the public from across Nova Scotia. This committee reviews all of the registrars
complaint decisions and may accept, reject, or make recommendations to amend decisions.
The Licensing Committee - CORRECT ANSWER sets the licensing standards for
Nova Scotia Real Estate, their role is to review the registrars licensing decisions upon request
and make additional decisions based on any appeals or requests for exemptions. This Board
also makes recommendations to the Board of Directors on licensing issues and continuing
education.
The Discipline Committee - CORRECT ANSWER When required, members of this
committee form a hearing panel to hold formal discliplinary hearings involving licensees.
The committee hears the evidence and renders a decision.
The NSREC Board of directors - CORRECT ANSWER 3 NSAR members, 3 Public
appointments, 3 Industry selections, 1 commercial recommendation, and the registrar
Organized Real Estate - CORRECT ANSWER voluntary member organizations
consisting of local real estate boards, provincial/territorial associations and the Canadian Real
Estate Association
License Law - CORRECT ANSWER Regulatory controls imposed by a governing
body upon real estate licensees. In Nova Scotia, the NSREC is responsible for all such
matters.
NSREC By-law - CORRECT ANSWER Regulatory requirements including procedural
and administrative controls, established and enforced by the Nova Scotia Real Estate
Commission.
Multiple Listing Service (MLS) - CORRECT ANSWER An arrangement among
brokerages who are real estate boards/association members to share listing information.
Multiple Listing Service(MLS) is a trademark of CREA.
QUESTIONS AND CORRECT ANSWERS
The Three-way Relationship - CORRECT ANSWER the 3 tiers of the professional
trade organization for real estate in Canada. It includes the Canadian Real Estate Association
(CREA), Provincial/Territorial associations, and real estate boards (localized)
Nova Scotia Association of Realtors - CORRECT ANSWER a voluntary provincial
organization that represents organized real estate in Nova Scotia. It is a combined service of
the provincial association and local boards within one structure.
The NSAR provides these services - CORRECT ANSWER MLS, Lockbox systems,
Webforms, advocacy at 3 levels of government, arbitration services, education
The NSAR is divided into this many regions - CORRECT ANSWER Seven
The Canadian Real Estate Association - CORRECT ANSWER the association
responsible for National Activities, International Activities and trademarks (MLS and
Realtor.)
NSREC - CORRECT ANSWER an independent non-government agency that is
responsible for the regulation of the Real Estate Industry in Nova Scotia
Real Estate Trading Act (RETA) - CORRECT ANSWER created in 1997, this act
established the NSREC as a corporate body and transfers responsibility from the provincial
government to the NSREC, giving the commission the power to create and enforce it's by-
laws to protect the public by establishing standards.
3 Standing committees for the NSREC - CORRECT ANSWER Discipline Committee,
Licensing Committee, and the Complaint review committee
, The complaint Review Committee - CORRECT ANSWER made up of licensees and
members of the public from across Nova Scotia. This committee reviews all of the registrars
complaint decisions and may accept, reject, or make recommendations to amend decisions.
The Licensing Committee - CORRECT ANSWER sets the licensing standards for
Nova Scotia Real Estate, their role is to review the registrars licensing decisions upon request
and make additional decisions based on any appeals or requests for exemptions. This Board
also makes recommendations to the Board of Directors on licensing issues and continuing
education.
The Discipline Committee - CORRECT ANSWER When required, members of this
committee form a hearing panel to hold formal discliplinary hearings involving licensees.
The committee hears the evidence and renders a decision.
The NSREC Board of directors - CORRECT ANSWER 3 NSAR members, 3 Public
appointments, 3 Industry selections, 1 commercial recommendation, and the registrar
Organized Real Estate - CORRECT ANSWER voluntary member organizations
consisting of local real estate boards, provincial/territorial associations and the Canadian Real
Estate Association
License Law - CORRECT ANSWER Regulatory controls imposed by a governing
body upon real estate licensees. In Nova Scotia, the NSREC is responsible for all such
matters.
NSREC By-law - CORRECT ANSWER Regulatory requirements including procedural
and administrative controls, established and enforced by the Nova Scotia Real Estate
Commission.
Multiple Listing Service (MLS) - CORRECT ANSWER An arrangement among
brokerages who are real estate boards/association members to share listing information.
Multiple Listing Service(MLS) is a trademark of CREA.
