Questions and Answers |
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Self regulation - ANSWER ✔✔-General obligation
-Care & Skill
-Act honestly
-Negotiate favorable terms
-Maintain confidentiality
-Disclose information
-Act in person
-Obey lawful instructions
,-Perform mandate
Brokerage interests - ANSWER ✔✔Interest of brokerage at odds with
brokerage client
Fiduciary duties - ANSWER ✔✔-Utmost loyalty
-Not to make secret profits
-Maintain confidentiality
-To account
-Avoid and disclose conflicts of interest
Competing interests - ANSWER ✔✔Interest of brokerage clients
compete in a transaction or potential transaction
Opposing interests - ANSWER ✔✔Interest of brokerage clients
oppose in the same transaction or potential transaction
Standard of care - ANSWER ✔✔-Professional standards
-Professional norms/practices
-Expert testimony
-Benefits of role clarity/consistency
-Meeting regulatory requirements
,-Enhances professionalism
-Prevents unintended relationships
-Clarifies responsibilities and services to consumers
-Reduces disputes
PIPEDA - ANSWER ✔✔Federal - privacy act
PIPA - ANSWER ✔✔Provincial - Privacy act
CASL - ANSWER ✔✔Canada's anti spam legislation - federal
Privacy principles - ANSWER ✔✔-Accountability
-Identifying purposes
-Consent
-Limiting collection
-Limiting use, disclosure, retention
-Accuracy
-Safeguards of data protection
-Openness
-Individual access
-Challenging compliance
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, Seller's confidential info - ANSWER ✔✔-Reason of property sale
-Motivation regarding sale
-Price seller will accept for sale
-Offers received by seller
Buyer's confidential info - ANSWER ✔✔-Reason for purchase of
property
-Motivation to purchase
-Price willing to pay for property
-Offers submitted
Trustee - ANSWER ✔✔Legally appointed person to hold assets for
benefits of one or more persons. Trust agreements set out terms of
trustee's powers and duties.
Executors - ANSWER ✔✔Person who receives title of property when
owner of the property is deceased.
Development permits - ANSWER ✔✔-Used for new subdivisions.
-Authorizes location, size and use of building.
Building permits - ANSWER ✔✔-Used for new residential buildings.