Resolution 2010-1 of the Real Estate Council of Alberta

WHEREAS:
Section 12 of the Real Estate Act, confirms the Real Estate Council of Alberta (the “Council”) has the authority to make rules prescribing or adopting standards of conduct and business standards for industry members;

At its meeting on January 27, 2010 Council passed a resolution to amend Section 95(a) of the Real Estate Act Rules to read as follows:

95  When a brokerage in the course of its business receives funds on behalf of clients, it must:

•  open and maintain at least one trust or pooled trust account for the deposit of funds received on behalf of clients or owners of real estate managed under real estate management agreements, and for the purposes of section 97 of these Rules

Dated at Calgary this 27 day of January 2010

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