News Bulletin - April 16, 2019

Brokerage Audit Ratings Suspended for 2019
Bylaw Revisions
Office Closure

Brokerage Audit Ratings Suspended for 2019
The Commission’s Board of Directors approved the Audit Program: A Guide to Real Estate Audits in Nova Scotia with the intent to have the Audit Task Force gather and evaluate audit rating results within three months of the Audit Guide’s implementation. The Audit Task Force completed their evaluation and determined that revisions to the audit rating system are necessary to ensure audit ratings are consistently fair.

At their last meeting, the Board of Directors approved the Audit Task Force’s recommendation to temporarily suspend all 2019 audit ratings (trust and transaction file review).

Once the audit rating system has been revised, the audit-rating system will be presented to the Board of Directors for approval. When the audit-rating system is approved, the anticipated commencement will begin in 2020.

FAQs
Will audits still occur?
Yes, every brokerage will have an audit in 2019.

What audit dates are affected by this?
All audits conducted from January 1, 2019–December 31, 2019.

How will brokerages be audited?
The Auditors will still follow the process set out in the Audit Program: A Guide to Real Estate Audits in Nova Scotia. Instead of receiving a rating in 2019, the audit report will inform brokers of the discrepancies found. The discrepancies found will form part of the broker’s overall audit history, but the broker will not be provided a specific rating.

My brokerage has already received an audit rating for 2019. Does the rating still apply?
Your audit rating for 2019 will not apply. However, should any discrepancies be found, those discrepancies will be recorded and form part of your overall audit history. If you have received an audit rating for 2019, an Auditor will send you an email explaining the removal of your rating.

I am a broker with a poor audit rating history. What is the impact of my 2019 audit?
While audit ratings are being temporarily suspended in 2019, any discrepancies identified will still form part of your audit history.
For example: If a broker has a continuous, poor audit rating history, and their 2019 audit did not show signs of improvement, the matter will be referred to the Registrar.

I am a new broker. How will this affect me?
As a new broker, you will be audited, but you will not receive a rating. For more information about audit frequency for new brokers, refer to Chapter Two of the Audit Program: A Guide to Real Estate Audits in Nova Scotia.

Audit Guide (Revised April 2019)

Bylaw Revisions
The Commission’s Board of Directors recently approved amendments to the following Bylaws: 324, 325, 326, 327, 330, and 402.

Commission Bylaw

Office Closure
The Commission’s office will be closed on Friday, April 19 and Monday, April 22.

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The Nova Scotia Real Estate
Commission
is the regulator of the
Nova Scotia real estate industry.

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