WHEREAS by section 5 of the Rules under the Real Estate Act, S.A. 1995, c. R-4.5 (the “Act”), the Real Estate Council of Alberta (the “Council”) may prescribe, adopt or approve educational requirements, examinations or other qualifications that must be met by an applicant for an authorization ;
THEREFORE BE IT RESOLVED THAT:
The Council hereby approves the policy for education and examination requirements to obtain a licence as a mortgage agent.
Terms that are defined in the Real Estate Act and Rules have the same meaning when they are used in this Policy.
A person who wishes to be licensed as a mortgage agent must fulfill the education requirements of the Mortgage Broker Agent’s Course (referred to in this policy as “Mortgage Broker 1000”) and pass a Provincial Qualifying Examination for mortgage agents.
The Executive Director shall have the responsibility for approving the course outline, course objectives, and lesson plan (consisting of a set of topics and the amount of time allocated to each topic) for Mortgage Broker 1000.
By resolution dated November 6, 2002, the Council delegated to the Executive Director the responsibility for approving the Provincial Qualifying Examination for mortgage agents and the passing grade for this examination.
The Executive Director may grant an exemption:
a) from Mortgage Broker 1000 and the Provincial Qualifying Examination in accordance with Section 5(3) of the Rules, or
b) from Mortgage Broker 1000 if, in the opinion of the Executive Director, a candidate has already completed an equivalent course.
The Executive Director, or his delegate, shall issue a Certificate of Completion to candidates who successfully complete Mortgage Broker 1000.
To be eligible for a Certificate of Completion, candidates must meet the requirements of the education institution delivering this course.
The Executive Director, or his delegate, shall issue a Permission to Write the Provincial Qualifying Examination to candidates who have qualified for a Certificate of Completion for Mortgage Broker 1000.
Candidates must present their Permission to Write and an acceptable picture identification to obtain entrance to the Provincial Qualifying Examination.
a) Candidates who fail to attain a passing grade on the Provincial Qualifying Examination may re-write this examination one more time upon payment of the prescribed fee.
b) The Executive Director, or his delegate, shall issue a Permission to Re-Write to candidates who wish to re-write and have paid the prescribed fee.
A Permission to Write is valid for one year from the date of issue, and a Permission to Re‑Write is valid for sixty days from the date of issue.
A candidate who fails to attain a passing grade on the Provincial Qualifying Examination will be entitled to one re-write. A candidate who fails the re-write is required to re-register and complete the course requirements of Mortgage Broker 1000 before they can write the Provincial Qualifying Examination a third time.
Refund of course fees for failing to complete Mortgage Broker 1000 are at the discretion of the educational institution delivering this course.
The prescribed fee to re-write the Provincial Qualifying Examination is $50.00.
a) Every application for an exemption pursuant to paragraph 5 must be accompanied by an administrative fee of $50.00.
b) With an exemption from Mortgage Broker 1000, the fee for writing the Provincial Qualifying Examination and course materials is $300.00.
DATED at Edmonton, Alberta, this 6th day of November 2002.
