News Bulletin - June 25, 2018
Clarification about July 1 Released Forms
Incomplete CPE Courses
Five New Approved Forms
Early Access of Forms — Do Not Use before July 1
Clarification about July 1 Released Forms
There has been a miscommunication taught in some of the CPE 2018 Mandatory Forms Update course about when to start using the new forms. ALL newly-released forms are to be used as of July 1, 2018.
If a licensee prepares an agreement of purchase and sale (APS) on or before June 30, the current form 400 is to be used. Should an amendment (form 421) or termination (form 440) be required on or after July 1, use the new form 421 and form 440.
For example, if an APS was prepared prior to July 1 and an amendment is required on or after July 1, use the new amendment form. If the amendment pertains to an inspection, include the pertinent sections of the inspection report, per the terms of the APS (prepared before July 1), even though the new amendment form does not explicitly mention the inspection report.
Incomplete CPE Courses
Licensees who have not completed their CPE requirements for the 2017-2018 licensing cycle will not have their licenses renewed on July 1. This means that as of July 1, those individuals must cease all trading activities immediately. Their names will be published in a NSREC News Bulletin and on the NSREC website advising the industry and the public that these individuals are no longer authorized to trade in real estate.
Any licensee who does not have their CPE completed and does not want their name published can fill out a Notice of Termination form and submit it to the NSREC by June 29 at 4 p.m. Licensees whose licences have been terminated may reinstate their licence upon completion of their mandatory courses.
Licensees also have the option of purchasing a 30-day licence extension. The completed application and payment must be submitted by June 29 at 4 p.m.
Five New Approved Forms
The NSREC Board of Directors recently approved five new forms at their June 21 meeting. These five forms will also have a release date of July 1. The approved forms include:
Form 100 Working with the Real Estate Industry
Form 300 Buyer Brokerage Agreement
Form 301 Buyer Brokerage Designated Agreement
Form 411 Transaction Brokerage Agreement for Common Law
Form 412 Transaction Brokerage Agreement for Designated Agency
For licensees who have already requested an early access of the forms, the link you were previously provided has been updated with the five additional forms.
Early Access of Forms — Do Not Use before July 1
The NSREC Board of Directors has permitted licensees to access the new forms. The purpose for the early access of the forms is to allow licensees using an electronic signature software program, other than the NSAR WEBForms®, to have time to upload the new forms before the July 1 implementation date.
As a reminder, these forms cannot be used before July 1. For licensees requesting to receive the forms in advance for this purpose, please send an email to This email address is being protected from spambots. You need JavaScript enabled to view it..
