| Overview: |
| The real estate industry is regulated by this Act, together with private legislation (An Act to Incorporate the New Brunswick Real Estate Association), which is administered by the industry through its Association. The industry is responsible for education of its members or prospective licensees, complaint handling and disciplinary procedures respecting their Code of Ethics and Standards of Business Practices, collection of membership fees and the administration of local Real Estate Boards. |
| Eligibility: |
| There are four classes of licenses issued by Consumer Affairs under this Act. Any company or individual that is in the business of trading in real estate, as defined by the Act, is required to license. Applicants must submit the proper application form and fees, as well as a surety bond. An agent's license is issued to the corporate body, partnership or individual who is legally responsible for contracts, financial accountability, advertising, sales representatives and other matters respecting the trading in real estate. 1. For an Agent's license: a. Complete form 45-3674, "Application for a Real Estate Agent's License" and have it duly signed by an authorized official of the company; b. Obtain a bond for the prescribed amount according to the number of managers and salespeople employed; c. Open a trust account. Details pertaining to that account can be obtained from the New Brunswick Real Estate Association (506) 459-8055. 2. For a Manager's license: a. Complete form 45-3680, "Application for a Real Estate License", as a Manager, and have it signed by an authorized official of the agent; b. Contact the New Brunswick Real Estate Association (506) 459-8055 regarding their membership process. 3. For a Salesman's license: a. Complete form 45-3680, "Application for Real Estate License", as a Salesman b. Contact the New Brunswick Real Estate Association (506) 459-8055 regarding their membership process. 4. For Branch Offices complete a "Branch Office Statement". |
| This Act, along with the Act to Incorporate the New Brunswick Real Estate Association Act, provides consumer protection through mandatory educational requirements for licensees, as well as by authorizing investigations of complaints and audits where necessary. |
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