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NSAR terms and definitions
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NSAR terms and definitions
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NSAR terms and definitionsAssociate Broker Correct Answer-An industry member, licensed by the
commission to trade in real estate on behalf of a brokerage, who has
completed the broker qualifications but is not involved in brokerage
management.
Commission distribution Correct Answer-Where more than one
brokerage is involved in a real estate transaction, a commission split
between brokerage and salesperson, as per an employment or
independent contractor agreement between the parties.
Commission allocation Correct Answer-When one brokerage is involved
in a real estate transaction, commission funds are allocated between
listing and selling portions and then split with the respective
salesperson(s).
Salesperson Correct Answer-An industry member, licensed by the
commission, who has completed the salesperson licensing qualifications
and is employed or otherwise authorized to trade in real estate on behalf
of a brokerage.
Broker Correct Answer-An industry member, licensed by the
commission, who has met required qualifications to operate a brokerage
and to trade in real estate on behalf of that brokerage.
Managing associate broker Correct Answer-An industry member,
licensed by the commission, who has completed the broker
,qualifications and is authorized to trade in real estate on behalf of a
brokerage, as well as being authorized to operate or manage a brokerage
under the supervision of a broker.
Employee Correct Answer-A relationship in which the employer directly
controls and supervises the work of the employee and is responsible for
the employee's actions in the performance of such work.
Independent contractor Correct Answer-An individual who works
according to his/her own methods and judgement. Tax-related rules
apply.
Brokerage Correct Answer-A company, partnership or sole
proprietorship licensed by the Nova Scotia Real Estate Commission and
authorized to trade in real estate.
Contract of services Correct Answer-A contract between employer and
employee in which the employer directs, controls and supervises the
employee's activities.
Contract for services Correct Answer-A contract between two parties,
which details among other things the scope of contracted duties provided
by the independent contractor.
organized real estate Correct Answer-Voluntary member organizations
consisting of local real estate boards, provincial/ territorial associations,
and the Canadian real estate association.
,Provincial/ territorial associations Correct Answer-Provincial/ territorial
associations, along with real estate boards and the Canadian real estate
association, provide various services to members of organized real
estate.
Nova Scotia associations of realtors Correct Answer-A professional
trade organization, whose members are licensed real estate
professionals. They is part of organized real estate, which consists of
real estate boards, provincial/ territorial associations and the Canadian
real estate association.
License law Correct Answer-Regulatory controls imposed by a
governing body upon real estate licensees. In Nova Scotia, the Nova
Scotia real estate commission is responsible for all such regulatory
matters.
Registrar Correct Answer-An official recorder, overseer and
administrator. They have overall responsibility for enforcement of the
real estate trading act and all related real estate regulations.
NSREC Bylaw Correct Answer-Regulatory requirements, including
procedural and administrative controls, established and enforced by the
Nova Scotia real estate commission.
The Canadian real estate association Correct Answer-A national
association for realtors across Canada. They focus primarily on federal
, government issues and associated lobbying, international representation,
member products/ services and trademark enforcement.
Real estate boards Correct Answer-Non-profit corporations established
for the benefit of members and forming one component of organized real
estate, the others being provincial/ territorial associations and the
Canadian real estate association.
Multiple listing service Correct Answer-An arrangement among
brokerages who are real estate board/ association members to share
listing information. It is a trade mark of the Canadian real estate
association.
Nova Scotia real estate commission Correct Answer-An independent,
non- government agency, responsible for the real estate trading act and
associated regulatory requirements in nova Scotia.
Real estate recovery fund Correct Answer-A fund administered by the
Nova Scotia commission to compensate consumers who suffer a
financial loss, as a result of fraud or breach of trust by an industry
member in a real estate trade.
Realtor Correct Answer-A registered trademark that may only be used
by an active member of a real estate board/ association affiliated with
the Canadian real estate association.
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