WHEREAS section 12(v) under the Real Estate Act, S.A., c. R-4.5, as amended (the “Act”), the Real Estate Council of Alberta (the “Council”) has the power, duty and responsibility to make rules respecting the fees, levies, premiums and other assessments authorized under this Act or otherwise required by the Council for its operations and for matters under its administration, and respecting the amounts of those fees, levies, premiums and assessments, the manner in which and times at which they must be paid and penalties or interest charges that are payable for late payment.
AND WHEREAS pursuant to section 84(1) of the Act, Council has the sole authority to amend the bylaws;
THEREFORE BE IT RESOLVED THAT:
Rule 70 of the Act shall be deleted therefrom and replaced in its entirety with the following:
70 (1) A person who applies for a real estate agent’s licence or a mortgage agent’s licence or a renewal of such a licence shall pay the following fees:
(a) $150 plus $150 for each branch office from which the agent trades in real estate or deals as a mortgage agent;
(b) $150 for each salesperson employed by the agent.
70 (2) A person who applies for a real estate agent’s licence or a renewal of such a licence shall pay the following assessments for the purposes of the Real Estate Assurance Fund:
(a) $125 plus $125 for each branch office from which the agent trades in real estate;
(b) $50 for each salesperson employed by the agent.
70 (3) A real estate agent or mortgage agent, designated representative, or salesperson who applies for an amendment to change the record of an existing licence or registration shall pay a fee of $25.
70 (4) A real estate agent or mortgage agent who fails to apply to renew a licence before the expiry date of the licence may apply to renew the licence not later than 30 days after the date of expiry and shall pay a fee of $125 in addition to the fees payable under subsection (1).
70 (5) A real estate agent or mortgage agent who fails to file an accounting with the Council in the prescribed form within the time prescribed in the Rules shall pay a late filing fee of $125.
70 (6) A real estate agent or mortgage agent who fails to notify the executive director of the commencement or termination of employment of any of the agent’s salespersons within 14 days after that commencement or termination shall pay a fee of $25.
Rule 71 shall be repealed.
DATED at Edmonton on the 16th day of July 1997.
