Unit 4: All units Flashcards by Melissa Robdrup

Leadership

Authority, responsibility, accountability
Qualities are intrinsic

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Attributes of brokers

Entrepreneur
Strategic planner
Communicator
Supervisor
Ethical advisor

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Steps to become broker

Real estate associates program: all courses and exams
Real estate brokers program (can be associate or broker)
Broker: 2 years experience in past 5; be employed by brokerage

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4-fold test for type of employee

Direction and control
ownership of tools and equip.
chance of profit
risk of loss

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Deductibles and liability limits

$3500 for first claim
If another in 3 years, increases to $7000
If can’t pay, license isn’t renewed
Held by defense counsel; if there’s no damages paid, fee is returned to person

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Voluntary broker resolution process

brokers take lead in resolving consumer complaints and disputes before RECA or courts; for minor breaches and civil liability
40 days for resolution

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VBRP methods

Negotiation: seek a resolution satisfactory to all parties
Mediation: assist in dispute to come to mutual acceptable solution

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Practice advisor advice

Transaction-related
General brokerage
Brokerage-to-brokerage
Personal issues
Minor and major misconduct
Assistance w/ resolution options

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Preventative steps

No conduct reviews on civil disputes
Only if breach in ACT or RULES
Not providing info from conduct review

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Equivalent to PIPEDA

Protection same as PIPEDA
10 privacy principles
Independent and effective oversight
Restrict collection & disclosure of information

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FOIPP

Alberta’s government privacy legislation

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Health info act (HIA)

collection, use, disclosure of health info

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10 Privacy Principles

Accountability
ID Purpose
Consent
Limit collection
Limit use, disclosure, retention
Accuracy
Safeguards
Openness
Individual access
Challenging compliance

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Express consent

agree to a stated purpose
verbal or written

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Implied consent

volunteers personal information for certain purpose (website info for purchases etc)
intended use is obvious
cannot use more info than is necessary for the transaction

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opt-out consent

can opt out of stated purpose; otherwise, consent given
typical in marketing

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Legacy information

personal info gathered before privacy legislation made
use for original purpose of collection
have to get new consent to release info
after 20 years since death or 100 years since record created, don’t need consent anymore

Prohibition of updating info

organizations can’t routinely update personal info unless needed for original purpose of collecting it

Damages for privacy obligations

Professional = $10k fine
Brokerage = $100k fine
If there’s RECA sanction, could be up to $25k fine

Confidential info

Any info concerning client including financial & personal

Client is individual, corporation, partnership, other legal entity with a service agreement with RE prof.

Production order

RECA authority to gain access to information for inspection and conduct reviews

Competition law

Competition Act
Federal consumer protection legislation
Both criminal and civil sections for non-compliance
Administered and enforced by federal Competition Bureau

Federal Competition Bureau

Independent law enforcement agency headed by commissioner of competition
- ensure a competitive and innovative marketplace

Competition Act objectives

Promote efficiency and adaptability of CAD economy Expand opportunities for CAD participation in world markets and foreign competition here Ensure small and mdm size businesses have opportunity to participate Consumers get competitive prices and product choices

Anti-competitive and unfair practices

In RE, conspiracy amoung competitors False or misleading advertising

Conspiracy amoung competitors

Collusion - agreement that is illegal and secretive to limit competition with deceipt, fraud, misleading Conspiracies - restrict trade through unfair business practices: 1. price fixing: commissions, splits 2. market division: allocate portions amoungst selves 3. service restriction: limit supply of products/services 4. service refusal: refuse to supply products or services

Prohibited advertising

Promotional contests Bait and switch selling Deceptive prize notices MLM Pyramids Double ticketing Selling above advertised price

Misleading advertising

General impression (partly true, or false, or has two possible meanings) Material respect Omissions (true but misleading)

Reverse onus

Prove accuracy and correctness of claims made

Internet enforcement sweeps

Bureau does to detect websites that violate misleading advertising General impression: test, graphics, narration, animation, media effects do not create false impression Important info: if not enough room, say so and where to find all the info Disclosure: accessible to consumers; no active steps required (travel) Hyperlinks: obvious and clearly labeled Disclaimer: included and close to representation

Telemarketing requirements

Name of company Type of service or business being promoted Purpose of call Must disclose price of product/service Restrictions, limitations that must be met

Telecommunications Act

includes national do not call list passed 1993 administered by crtc

DNCL exceptions

Business relationship already exists Consent given Business phone number

Canada's anti-spam legislation

federal law spam and electronic threats created 2014 combat ID theft, phishing, malicious software

Office of the privacy commissioner of Canada

OPC shares responsibility for enforcing CASL

Money laundering

any attempt or act to disguise the source of money or asset derived from criminal activity (organized & terrorist)

Organized crime

international, national, or local groups of highly coordinated criminal organizations for profit

Terrorist groups

perform acts that are intended to endanger people, damage property, disrupt essential services and systems of targeted county or population

Proceeds of Crime, Money Laundering and Terrorist Financing Act (PCMLTFA) & Anti-Terrorist Act enforcement agencies

RCMP, CBSA, CSIS, Public safety Canada, Dept of Finance, CRA, Communications security establishment Canada (CSEC)

Financial transactions and reports analysis centre of Canada (FINTRAC)

Federal agency to detect, prevent, deter money laundering and terrorist activities

Brokerage requirements

Report all cash transactions over $10k Failure to report is criminal, can get $500k fine, 5 years prison, or both

Workplace safety

situational awareness hazard assessment risk elimination/reduction communication training