A Dealers Obligation to REB

If it is the intention of a registered real estate dealer to engage in the practice of real estate business, he or she should ensure that the Authority is notified of this intention and the requisite licence fee for the financial year is paid on the due date being April 1 of that financial year.

Where a person or entity is registered as a real estate dealer with the Authority and does not intend to practice real estate business in a given financial year, the registrant must complete and submit the requisite application form for dormancy and payment of the relevant dormancy fees within the time permitted for submission to the Board.

Real Estate Dealers are also required to submit annually, the names of all real estate salesmen employed to them. Where there are no salesmen employed to the real estate dealer, a statutory declaration must be provided by the real estate dealer to the Authority. All real estate dealers are prohibited from employing a person to practice real estate business without a  licence being issued for that person to practice such business by the Authority.

Where a real estate salesman is no longer employed to the real estate dealer, both parties should complete and submit the “Declaration of Release of Salesman” form. The dealer should then notify the Authority and immediately return the licence to the Authority. 

If there is any change in the contact information for a real estate dealer, the Authority should be notified of any change in relation to their address and contact information prior to the use of this new contact information.

 A real estate dealer must operate under the name in which they have been registered and licensed and operate from the address specified on their licence.

A real estate dealer must maintain an office for the purpose of carrying on the practice of real estate business.

Real Estate Dealers must have regard for all the mandatory Continuous Professional education training and development as stipulated by the Board and must participate in such courses being offered or directed by the Board

All real estate dealers upon receipt of clients money, must lodge and maintain a Clients’ Account with an authorized financial institution and must produce an audited report of the clients account when requested by an Inspector of the Authority. If no funds have been received from a client and a clients accounts is not being maintained by a real estate dealer, you are to submit a declaration which must be dated, signed by the real estate dealer and duly witnessed by a Justice of the Peace.

A Real estate dealer must assist in maintaining the integrity of the practice of real estate business and uphold all laws and regulations which relates to the practice of real estate business or real estate development.

Undertake only such duties and responsibilities for which they are properly registered and licensed under the Real Estate (Dealers & Developers) Act.

Leave a Reply

Your email address will not be published. Required fields are marked *

Article Categories
Recent Articles
Client Portal
REB clients only
Bill Payment

NCB or Scotiabank


Debit/Credit Card
or Manager's Cheque