O. Reg. 366/22: EDUCATIONAL REQUIREMENTS, INSURANCE, RECORDS AND OTHER MATTERS
Skip to contentontario regulation 366/22
made under the
Real Estate and Business Brokers Act, 2002
Made: April 11, 2022
Filed: April 19, 2022
Published on e-Laws: April 20, 2022
Printed in The Ontario Gazette: May 7, 2022
Amending O. Reg. 579/05
(EDUCATIONAL REQUIREMENTS, INSURANCE, RECORDS AND OTHER MATTERS)
1. Section 14 of Ontario Regulation 579/05 is amended by adding “notify the registrar of the shortfall and” after “immediately”.
2. Section 16 of the Regulation is amended by adding “notify the registrar of the missing property and” after “immediately”.
3. (1) Paragraph 6 of subsection 17 (1) of the Regulation is amended by striking out “representing or providing other services to parties” and substituting “providing services, including representation, to parties”.
(2) Subsection 17 (7) of the Regulation is revoked.
4. Sections 18 to 22 of the Regulation are revoked and the following substituted:
Records
Additional records
18. In addition to other records required to be made under the Act and the regulations, a brokerage shall make such records as are reasonably required for the conduct of the brokerage’s business of trading in real estate.
Retention of records
19. A brokerage shall retain all documents and records that it is required to make under the Act and the regulations,
(a) for the time period specified by the registrar or, if the registrar has not specified a time period, for at least six years;
(b) at the location specified by the registrar or, if the registrar has not specified a location, at the brokerage’s main office; and
(c) in the manner, if any, specified by the registrar.
Retention of offers that are not accepted
20. (1) For the purposes of subsection 35.1 (2) of the Act, this section applies in respect of a written offer to purchase real estate if,
(a) the offer is received by a brokerage acting on behalf of a seller for the purpose of presenting it to the seller; and
(b) the offer did not result in the purchase of the real estate.
(2) Despite clause 19 (a), a brokerage acting on behalf of a seller shall retain a copy of the written offer for at least one year after the date the brokerage received it.
(3) Subsection (2) does not apply if the written offer was made by a client of a registrant and the brokerage retains a copy of a document that contains the following information for at least one year after the date the brokerage received the written offer:
1. The name and signature of the person who made the offer to purchase the real estate.
2. The name and contact information of the seller of the real estate.
3. The name of the brokerage and of the broker or salesperson who acted for the seller.
4. The name of the brokerage and of the broker or salesperson who acted for the person who made the offer.
5. The address, legal description or other identifier of the real estate on which the offer was made.
6. The date and time the offer was made.
7. The date and time the offer was received by the brokerage for the purposes of presenting it to the seller, and the means by which the offer was received, such as in person or by fax.
8. If the brokerage presented the offer to the seller, the date of presentation.
9. The date and time, if any, until which the offer was irrevocable.
Notice by Registrar to Broker of Record
Complaints
21. (1) If the registrar makes a written request to a brokerage for information regarding complaints under clause 19 (1) (b) of the Act, the registrar shall give a copy of the request to the broker of record of the brokerage.
(2) If the registrar makes a written request to a broker or salesperson for information regarding complaints under clause 19 (1) (b) of the Act, the registrar shall give a copy of the request to the broker of record of the brokerage that employs the broker or salesperson.
Actions by registrar
22. (1) If the registrar takes any action referred to in clause 19 (1) (c) or paragraphs 1 to 5 of section 20 of the Act in respect of a brokerage, the registrar shall give written notice of the action to the broker of record of the brokerage.
(2) If the registrar takes any action referred to in clause 19 (1) (c) or paragraphs 1 to 5 of section 20 of the Act in respect of a broker or salesperson, the registrar shall give written notice of the action to,
(a) the broker or salesperson; and
(b) the broker of record of the brokerage that employs the broker or salesperson.
Commencement
5. This Regulation comes into force on the later of the day section 1 of the Trust in Real Estate Services Act, 2020 comes into force and the day this Regulation is filed.
Made by:
Pris par :
Le ministre des Services gouvernementaux et des Services aux consommateurs,
Ross Romano
Minister of Government and Consumer Services
Date made: April 11, 2022
Pris le : 11 avril 2022