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FAQ for Real Estate Brokerages In June 2009 the Real Estate Foundation began a review of our financial savings institution reporting process. In order to help us monitor these reports for accuracy, we sent letters to every brokerage in BC requesting that they complete an authorization form for each (pooled) trust account. Here are the main questions brokers are asking us. Q: I have already submitted an interest remittance authorization form. Why do I need to do it again? A: The Foundation is updating its record of active accounts, and the form has been revised to incorporate changes in the financial institution’s interest remittance process. Q: Why is this being sent to me? A: An Interest Remittance Authorization Form was sent to every licensed brokerage in the province. The name and contact information of licensees was provided by the Real Estate Council of BC. A: Complete the bottom portion of the form and write “no pooled trust account” at the top where it asks for the account information. A: Section 29 of the Real Estate Services Act stipulates that a brokerage must maintain an interest bearing trust account. Failure to do so puts the brokerage in violation of the Act. |
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