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ontario regulation 537/20

made under the

Real Estate and Business Brokers Act, 2002

Made: September 30, 2020
Filed: October 1, 2020
Published on e-Laws: October 1, 2020
Printed in The Ontario Gazette: October 17, 2020

Amending O. Reg. 567/05

(GENERAL)

1. Subsection 1 (1) of Ontario Regulation 567/05 is amended by adding the following definition:

“remuneration” includes any form of remuneration, including any commission, fee, gain or reward, whether the remuneration is received, or is to be received, directly or indirectly; (“rémunération”)

2. Clause (b) of the definition of “business day” in subsection 17 (2) of the Regulation is revoked and the following substituted:

(b)  a holiday within the meaning of section 87 of the Legislation Act, 2006.

3. Section 23 of the Regulation is revoked and the following substituted:

Remuneration

23. (1) Subject to subsection 33 (3) of the Act and subsection (2), a registrant shall not charge or collect any remuneration in respect of a trade in real estate unless,

(a)  the entitlement to the remuneration arises under a written agreement that is signed by or on behalf of the person who is required to pay the remuneration; or

(b)  the entitlement to the remuneration arises under an agreement that is not referred to in clause (a) and,

(i)  the registrant has conveyed an offer in writing that is accepted, or

(ii)  the registrant,

(A)  shows the property to the buyer, or

(B)  introduces the buyer and the seller to one another for the purpose of discussing the proposed acquisition or disposition of an interest in real estate.

(2) Unless agreed to in writing by the buyer, a registrant shall not charge or collect any remuneration from a buyer in respect of a trade in real estate if the registrant knows that there is an unexpired buyer representation agreement between the buyer and another registrant.

Commencement

4. This Regulation comes into force on the later of the day section 7 of the Trust in Real Estate Services Act, 2020 comes into force and the day this Regulation is filed.

 

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