Course Requirements for Licensees Coming From Other Provinces

The timing of course requirements for licensees coming from other provinces has changed. Previously, licensees who were coming from other provinces were issued a licence and had six weeks to complete two home study courses, an agency course and a forms course. Due to the number of licensees who did not complete their course requirements within the time allotted, out of province licensees are now required to complete these courses prior to being issued a licence.

Escalation Clauses Do Not Comply With the Act

This is a reminder to the industry that the use of escalation clauses in an Agreement of Purchase and Sale (APS) violates Section 30 (d) of the Real Estate Trading Act, therefore licensees cannot use them when preparing offers. An escalation clause is a formula used in place of or in addition to an actual purchase price, i.e. $X amount over the highest price offered in competing APSs. Recording a purchase price in an APS and then adding an escalation clause in an addendum or schedule does not comply.

COVID-19 & Commission Updates

Effective Wednesday, June 30th, Nova Scotia will enter phase 3 of the provincial government's reopening plan. Licensees and consumers must continue to follow all public health measures, including gathering limits.

By-law Update

The following By-law change was approved by the Board of Directors to enable the Commission to publish the names of individuals who do not renew their licence or take steps to terminate their licence. The publication of names ensures that the industry knows those individuals are no longer licensed and to cease any trading activity with them.

Reminder to Brokers: APS Deposit Clause 1.3