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Information
for Real Estate Brokerages
The Real Estate Foundation receives
the interest that accrues (and pays some service charges) on
brokerage trust accounts.
- Pursuant to Section 26(1) of
the Real Estate Services Act, a brokerage must maintain,
in accordance with the rules, one or more interest bearing trust
accounts with one or more savings institutions in British Columbia.
- Pursuant to Section 29(1), A
brokerage that is credited by a savings institution with interest
on money held in a brokerage trust account
(a)
holds the interest in trust for the foundation, and
(b)
must cause the savings institution to pay the interest to the
foundation in accordance with the regulations.
The following are provided for your information. Please contact
us with your questions and comments.
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Authorization form (136 kb PDF)
* updated Oct.27/06 |
To be completed and submitted
by new real estate brokerages or when an existing brokerage changes
financial institutions.
Credit union members, you have
a special form which is available through your branch. |
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Real Estate Services Act
(in force Jan.1/05) |
Check out the legislation that governs
real estate brokerages, the Real Estate Foundation, and more. |
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Read about Foundation grants in
your Real Estate Board area |
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