News Bulletin - November 9, 2022

New Holdback Clause
NSREC Mandatory CPE Course for 2022-2023

New Holdback Clause

The Commission has added a new clause on holdbacks to the Clause Book, available on the Commission website.

The previous Clause Book did not offer a clause on holdbacks, and the issue was brought to the attention of the Commission as a result of Hurricane Fiona, which caused extensive damage to multiple properties across the province currently under contract that could not be repaired prior to the scheduled closing. It is in the best interest of the client for them to consult with legal counsel before using a holdback clause. 

NSREC Mandatory CPE Course for 2022-2023

The NSREC mandatory CPE course for 2022-2023, Hot Market Topics, will be available online via the NSAR Training Hub on November 25th, 2022. Licensees do not need to contact NSAR to register for the course. NSAR will be reaching out soon with further instructions.

This course explores the importance of understanding market conditions, offer processes and the respective roles of licensees and consumers, with emphasis on ensuring forms are fully and accurately completed before their deadlines.

Licensees are required to complete the course before 11:59 p.m. on June 15th, 2023, or they will not be able to renew their licence and will not be eligible for renewal until the course is complete. The course will be unavailable from June 16th - July 11th, 2023. 

New licensees joining between January 1st, 2023 and June 30th, 2023 will be exempt from the 2022-2023 course.