News Bulletin - May 29, 2018

Audit Program: A Guide to Real Estate Audits in Nova Scotia
NEW Mandatory Forms Distribution Policy
Early Release of Forms
Removal of Form 111 – Seller Customer Status Acknowledgement
New Compliance Inspector

Audit Program: A Guide to Real Estate Audits in Nova Scotia
The Nova Scotia Real Estate Commission Board of Directors recently approved the implementation of a new audit program. The effective date of the new audit program is January 1, 2019. The new program benefits both the public and the real estate industry by enhancing consumer confidence and promoting licensee professionalism.

A mandatory CPE course detailing the new program will commence in the fall of 2018 for all licensees.

The new audit program will ensure:

• Clarity and understanding of the audit process;
• A transparent rating system;
• Comprehensive audit fee formula based on the number of licensees; and
• A process that allows for licensees to be accountable for consistently poor performance instead of their broker.

A downloadable PDF version of the Audit Program: A Guide to Real Estate Audits in Nova Scotia and the Audit Task Force Report and Recommendations can be accessed below.

Audit Program: A Guide to Real Estate Audits in Nova Scotia
Audit Task Force Report and Recommendations

NEW Mandatory Forms Distribution Policy
The NSREC Board of Directors recently approved a new Mandatory Forms Distribution Policy. The policy states that NSREC forms are not to be made available for public distribution. Licensees are prohibited from posting forms on a public forum, such as a website. This policy implementation is in reference to NSREC Bylaw 712, which lists all of the NSREC mandatory forms.

Mandatory Forms Distribution Policy

Early Release of Forms
The NSREC Board of Directors has approved an early release of the following forms (see below) to be given to licensees who request them.

The forms will be provided for administrative purposes only. If you are a licensee using an electronic signature software program, other than WEBForms®, and wish to receive the forms in advance, please send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. to have your name added to the early release list.

Be advised that you cannot use these forms before July 1, 2018. The purpose of the early release is to allow licensees to prepare for the release date.

Form 110 – Buyer Customer Acknowledgement
Form 112 – Seller Customer Acknowledgement and Fee Agreement
Form 200 – Seller Brokerage Agreement
Form 201 – Seller Designated Brokerage Agreement
Form 203 – Mere Posting Service Agreement
Form 210 – Equipment Schedule
Form 211 – Property Disclosure Statement (PDS)
Form 212 – Property Disclosure Statement (PDS) for Vacant Land
Form 220 – Amendment to Seller Buyer Brokerage / Designated Brokerage Agreement
Form 221 – Temporary Withdrawal or Termination of Seller Buyer Brokerage Designated Brokerage Agreement
Form 222 – Amendment to the Service Agreement
Form 223 – Assignment of Seller Buyer Brokerage / Designated Brokerage Agreement
Form 224 – Temporary Withdrawal or Termination of Service Agreement
Form 400 – Agreement of Purchase and Sale
Form 402 – Resale Condominium Schedule
Form 404 – Vacant Land Schedule
Form 406 – Mini/Mobile Home Schedule
Form 407 – Multi-Unit Residential Income Property Schedule
Form 410 – Counter Offer
Form 420 – Addendum Schedule “____”
Form 421 – Amendment to the Agreement of Purchase and Sale
Form 430A – Sale of Buyer’s Property Schedule
Form 430B – Sale of Buyer’s Property Seller Notice to Buyer
Form 430C – Sale of Buyer’s Property Buyer Notice to Seller
Form 431 – Water and Septic Schedule
Form 440 – Termination of Agreement of Purchase and Sale and Release of Deposit

Removal of Form 111 – Seller Customer Status Acknowledgement
As of July 1, 2018, Form 111—Seller Customer Status Acknowledgement will no longer be in circulation. During the revision of the mandatory forms, the forms committee agreed to incorporate the acknowledgement into Form 112—Seller Customer Acknowledgement and Fee Agreement.

In transactions when the seller does not pay remuneration, all relevant clauses must be struck and all parties must initial these changes.

New Compliance Inspector
The NSREC is pleased to welcome our new compliance inspector, Jennifer Law. She will be scheduling audits in the upcoming weeks.