WHEREAS by Rule 34(1) under the Real Estate Act, S.A. 1995, c. R-4.5 (the ” Act “), the Real Estate Council of Alberta (the “Council”) has the power, duty and responsibility to prescribe, adopt and approve the form for and information contained in the Agent’s Representations to the Council for the purposes of the agent’s accounting under Section 25 of the Act ;
THEREFORE BE IT RESOLVED THAT:
The Council hereby prescribes, adopts and approves the form attached hereto as Schedule “A” and the information contained therein as the form and information required for the Agent’s Representations to the Council for the purposes of the agent’s accounting under Section 25 of the Act .
DATED at Calgary, Alberta on this 9 th day of July 1996.
SCHEDULE “A”
REAL ESTATE ACT
AGENTS REPRESENTATIONS TO
THE REAL ESTATE COUNCIL OF ALBERTA
This form must be submitted to the Real Estate Council of Alberta not later than 90 days after the end of the agent’s fiscal year end and shall cover the fiscal year or, where the agent did not carry on business for the entire fiscal year, that part of the fiscal year for which the agent carried on business.
If space is insufficient, attach schedules giving information requested.
I,___________________________________, being the agent or the designated representative
of _____________________________________________________ hereby certify to be best
of my knowledge, information and belief:
General Information
1.THAT the name of the real estate firm is
2.THAT the head office business address of the real estate firm is
3.THAT the following trust accounts were operated by me during the year:
Name of Depository
Account No.
Date Opened/Closed during the year
Accounting Information
4.THAT my books of account properly reflect all the trust money transactions for clients
up to the close of business at the fiscal year ending _________________, 19_____.
5.THAT the total of all trust liabilities to clients as at the fiscal year ending
__________________, 19_____ amounts to $_____________________.
6.THAT
(a)I have kept and maintained on a current basis a trust ledger or ledgers recording separately for each transaction the trust money held in connection with trades in real estate as defined in the Act showing particulars of all receipts and disbursements or trust money in respect of each trade and indicating the source from which the money was received, the person to whom it was disbursed and any unexpended balance, and
(b)I understand that trust money transactions are those contemplated under section 25 of the Act and include, amount other transactions, guaranteed sales and property management transactions.
7.THAT all cheques drawn on trust accounts are so designated.
8.THAT all trust money received is deposited within 2 banking days after the date of receipt or within any further period agreed to in writing by the parties to the trade.
9.THAT all cheques drawn on trust accounts require the signatures of
10.THAT the total of all balances of funds held in trust accounts as they appear from the books and records is supported by
(a)a detailed listing made monthly that shows the amount of the trust money held for each transaction and is reconciled to the trust ledgers,
(b)a detailed reconciliation of the trust bank accounts, made monthly, and
(c)a record of the reasons for any differences between the total balances in the trust ledger or ledgers of the agent and the total of all balances of funds held in the trust accounts,
and that those reconciliations and detailed listings are retained as records supporting the monthly trust comparisons.
11.THAT there (were/were no) trust shortages during the fiscal year. Trust shortages (were/were not) rectified immediately when they were discovered and, if not rectified immediately, (were/were not) reported to the Executive Director.
DATED the day of____________________________ , 19_____ .
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(Name of Agent or Designated Representative)
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(Signature of Agent or Designated Representative)
