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O. Reg. 539/20: CODE OF ETHICS

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ontario regulation 539/20

made under the

Real Estate and Business Brokers Act, 2002

Made: September 22, 2020
Filed: October 1, 2020
Published on e-Laws: October 1, 2020
Printed in The Ontario Gazette: October 17, 2020

Amending O. Reg. 580/05

(CODE OF ETHICS)

1. Section 9 of Ontario Regulation 580/05 is amended by striking out “that commissions or other remuneration are fixed” and substituting “that remuneration is fixed”.

2. Clauses 11 (1) (b) and (c) of the Regulation are revoked and the following substituted:

(b)  specifies or describes the method for determining,

(i)  the amount of any remuneration payable to the brokerage, and

(ii)  in the case of an agreement with a seller, the amount of any remuneration payable to any other brokerage;

(c)  describes how any remuneration payable to the brokerage will be paid; and

3. (1) Subsection 18 (1) of the Regulation is amended by adding the following paragraphs:

3.  Any property interest that a personal real estate corporation controlled by the registrant has in the real estate.

4.  Any property interest that a person related to a personal real estate corporation controlled by the registrant has in the real estate, if the registrant knows or ought to know of the interest.

(2) Subsection 18 (4) of the Regulation is amended by striking out “any commission or other remuneration” and substituting “any remuneration”.

(3) Subsection 18 (5) of the Regulation is revoked and the following substituted:

(5) A brokerage that has entered into an agreement with a buyer or seller that requires the buyer or seller to pay the brokerage remuneration in respect of a trade in real estate shall not charge or collect any remuneration under another agreement entered into with another person in respect of the same trade unless,

(a)  the brokerage discloses at the earliest practicable opportunity to the other person, in writing, the terms of the agreement with the buyer or seller that require the payment of remuneration; and

(b)  the brokerage discloses at the earliest practicable opportunity to the buyer or seller, in writing, the terms of the agreement with the other person that require the payment of remuneration.

4. Section 19 of the Regulation is amended by striking out “the amount of commission or other remuneration” and substituting “the amount of remuneration”.

5. Subsection 24 (3) of the Regulation is amended by striking out “arrangements for commission or other remuneration” at the end and substituting “arrangements for remuneration”.

6. Subsection 25 (1) of the Regulation is amended by striking out “that relate to a commission or other remuneration” and substituting “that relate to remuneration”.

7. (1) Subsection 36 (4) of the Regulation is amended by adding “Subject to subsection (5.1)” at the beginning of the portion before clause (a).

(2) Clauses 36 (4) (c) and (d) of the Regulation are revoked and the following substituted:

(c)  use the term “broker”, “broker real estate agent”, “real estate agent”, “real estate broker”, “courtier” or “courtier immobilier” to describe any broker who is referred to in the advertisement; and

(d)  use the term “salesperson”, “real estate agent”, “real estate salesperson”, “sales representative”, “real estate sales representative”, “agent immobilier”, “représentant commercial” or “représentant immobilier” to describe any salesperson who is referred to in the advertisement.

(3) Subsection 36 (5) of the Regulation is revoked and the following substituted:

(5) A registrant who advertises is not prevented from using the trademark “REALTOR®” by itself or followed immediately by the term “broker” to describe a broker who is referred to in the advertisement or from using the trademark “REALTOR®” by itself or followed immediately by the term “salesperson” to describe a salesperson who is referred to in the advertisement if the broker or salesperson, as the case may be, is a member in good standing of the Canadian Real Estate Association.

(5.1) If a registrant uses the trademark “REALTOR®” by itself or followed immediately by the term “broker” to describe a broker who is referred to in the advertisement or uses the trademark “REALTOR®” by itself or followed immediately by the term “salesperson” to describe a salesperson who is referred to in the advertisement, the registrant is not required to use any of the terms referred to in clause (4) (c) or (d) to describe the broker or salesperson, as the case may be.

Commencement

8. 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.

Made by:
Pris par :

La ministre des Services gouvernementaux et des Services aux consommateurs,

Lisa Thompson

Minister of Government and Consumer Services

Date made: September 22, 2020
Pris le : 22 septembre 2020

 

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