Frequently Asked Questions

Do I need to be registered when acting as a property manager?
Yes. Where the individual is engaged in property management as defined by The Real Estate Act on behalf of the owner or lessor, a registration is required. Those who are employed to do this work on behalf of a brokerage must be registered. Property management tasks that require registration include:

• Advertising or showing a property for lease
• Negotiating or approving a lease
• Collecting rent or holding money received in connection with a lease or rental of real estate

The general areas excluded are contracts for maintenance such as yard work, snow removal, repairs, etc. For further clarification, please contact SREC.

I am not qualified as a broker, but I want to open my open company. Can I apply for a temporary brokerage registration?
No. You will have to employ an individual who is qualified to be the broker until such time as you obtain your broker qualifications.

I have applied to open a brokerage. Do I have to have a trust account?
Yes. All brokerages must maintain an interest-bearing trust account in Saskatchewan. The application will not be approved until SREC is satisfied that an interest-bearing trust account has been established in a Saskatchewan financial institution.

What is required when a registered brokerage ceases operation?
The following steps should be taken when a registered brokerage ceases operation:

1. Notify the SREC in advance of the date on which the brokerage will close. Closing a brokerage takes time.
2. Notify the Real Estate Insurance Exchange of the brokerage’s impending closure.
3. Ensure that all funds are transferred out of the brokerage’s trust account and close the account. Confirmation of the closure of the account will be required from the financial institution.
4. Complete the Wind-Up Declaration Statement and deliver a copy to the Commission.
5. Determine how ongoing listings and existing contracts of purchase and sale will be handled. For example, the brokerage could stay open until all transactions are complete or ongoing listings could be cancelled.
6. Complete Termination of Registration forms for any registrants of the brokerage.
7. Complete the final Annual Financial Report.

Will my registration be cancelled if I or my brokerage declare bankruptcy?
Declaration of bankruptcy does not necessarily mean cancellation of a registration. If you or your brokerage declare bankruptcy:

1. Inform SREC within five days and provide a Bankruptcy Statement of Affairs.
2. The Registrar will review the documentation and determine the impact on the individual’s ability to trade in real estate.

Will my registration be suspended if I have been convicted of a criminal offence in the past five years?
Conviction of a criminal offence does not necessarily mean cancellation or suspension of a registration. If you have been convicted:

1. Inform SREC of the conviction immediately in writing and provide a copy of any relevant documents.
2. The Registrar will review the nature and seriousness of the offence. If a registrant’s employment with a brokerage is discontinued, the registration will be terminated. If the conviction relates to personal integrity or affects the ability to trade in real estate (i.e. theft, fraud, breach of trust), your registration may be cancelled.

How can I obtain a copy of my registration history?
Upon receipt of a written request for your registration, education and sanction history and payment of a $25.00 fee, SREC will provide you with a copy of your registration history.

How long do I have to complete my pre-registration education and get registered with a brokerage?
New students have two years from the date of their initial registration in the Phase 1 Real Estate as a Professional Career course to complete all courses and exams in their education stream and become registered with a brokerage.