JCA-Real Estate Agents Act

Act: Real Estate Agents Act
Regulation: Regulation 85-24

To Whom Does This Apply?

Real estate brokers and salespeople.

Summary

The Real Estate Agents Act provides for protection of buyers and sellers of real estate through compulsory education, accountability, licensing and regulation of professional real estate agencies and their salespersons.

Licenses may be one of three categories:

• Agent which can be a corporation, partnership or individual person who owns an agency. Fees range from $100 to $500 depending on size of agency. Bonding in applicable amount is mandatory.
• Manager who is the person in charge, or with management qualifications and responsibilities, within an agency. Fee is $75.
• Salesman who is the individual real estate sales representative employed by or representing an agency. Fee is $50.

- All applicants must meet educational and experience requirements.
- The license of an agency and all its representatives expire on the anniversary month of the agency.
- Licenses are not transferable.
- Deposits received by an agency must be kept in a trust account. Books and records are subject to audit.

The following are exempt:

• Liquidators, receivers, trustees, estate administrators, auctioneers, sheriffs, etc. disposing of property in the course of their business or by court order.
• Mortgage sales by mortgage companies or financial institutions.
• Personal sales by property owners or their employees.
• Barristers or solicitors.

The Act provides for investigation of complaints by Consumer Affairs officers.  
 
Pamphlets available
Pamphlets prepared by Public Legal Education and Information Service of New Brunswick (PLEIS):

• Planning for Buying a Home
• Preparing the Offer to Purchase
• Mortgages
• Selling Your House

DISCLAIMER
Information contained in this section is of a general nature only and is not intended to constitute advice for any specific fact situation. For particular questions, the users are invited to contact their lawyer. For additional information, see contact(s) listed below.

New Brunswick Contact(s):
Ms. Leanne Smith
Consumer Enforcement Officer
Rentalsman and Consumer Affairs
Justice and Consumer Affairs
Kings Place
440 King Street
P. O. Box 6000
Fredericton, New Brunswick  E3B 5H1
Telephone: 506-453-2659
Fax: 506-444-4494