New Bulletin - July 2, 2021
Licence Suspensions
Escalation Clauses Do Not Comply With the Act
Licence Suspensions
The following individuals' real estate licences are suspended for failure to complete continuing education requirements.
- Laurie James (Jim) Culliton, former salesperson with Keller Williams Select Realty
- Jessica Sherman, former salesperson with Air Realty
The following individuals' real estate licences are suspended for failure to renew or terminate their licence by midnight on June 30th.
- Kay Archibald, former salesperson with Coldwell Banker Open Door Realty
- Kelly Nicholson, former salesperson with Roger Burns Real Estate Ltd.
- Matthew Moore, former associate broker with Bryant Realty Atlantic Inc.
- Roy MacRae, former salesperson with Harvey Realties Limited
This suspension is published in accordance with Commission by-law 839.
Released on July 2, 2021.
Escalation Clauses Do Not Comply With the Act
This is a reminder to the industry that the use of escalation clauses in an Agreement of Purchase and Sale (APS) violates Section 30 (d) of the Real Estate Trading Act, therefore licensees cannot use them when preparing offers. An escalation clause is a formula used in place of or in addition to an actual purchase price, i.e. $X amount over the highest price offered in competing APSs. Recording a purchase price in an APS and then adding an escalation clause in an addendum or schedule does not comply.
To view the Real Estate Trading Act, click HERE.
