News Bulletin - October 5, 2018

Additional Modifications to the Audit Program: A Guide to Real Estate Audits in Nova Scotia
Transition Period of the Audit Guide
Office Closure: Thanksgiving Holiday

Additional Modifications to the Audit Program: A Guide to Real Estate Audits in Nova Scotia*
On September 14, 2018, the NSREC sent a bulletin identifying modifications to the Audit Program: A Guide to Real Estate Audits in Nova Scotia. As a result of the Continuing Professional Education pilot for "A Guide to Real Estate Audits in Nova Scotia", conducted on September 17, 2018, the Audit Task Force further clarified sections of the Audit Guide. These changes have been bolded in the Audit Guide. These clarifications include:

1. Formatting
2. Remuneration Clarification (Buyer Brokerage/Designated Brokerage Remuneration Procedure)
3. A Minor Word Alteration

*If you have any questions about the Audit Guide, please contact the Audit Task Force at This email address is being protected from spambots. You need JavaScript enabled to view it..

To access the Audit Guide with the September 17 modifications, click the link here.

Transition Period of the Audit Guide
To provide clarity regarding the audit transition period, the Audit Task Force determined that:

A. The new audit rating system will apply to ALL transaction and trust records created before and after January 1, 2019.

• This includes all brokerage transaction files and trust records created both before and after the new audit program implementation date of January 1, 2019.

B. Prior audit ratings given before January 1, 2019, will count under the new audit program.

• For audit ratings given to brokers prior to January 1, 2019, those ratings will count under the new audit program, meaning one or more "needs improvement" ratings received the year (or consecutive years) prior to the audit program effective date (January 1, 2019) will carry forward and apply under the new program. For example, if a broker received two consecutive "needs improvement" ratings prior to January 1, 2019, and the next audit rating (for an audit conducted in July 2019) was also a "needs improvement", that broker would have three consecutive "needs improvement" ratings.

Office Closure: Thanksgiving Holiday
The NSREC office will be closed on Monday, October 8, for the Thanksgiving holiday. The office will reopen on Tuesday, October 9, at 8:30 a.m.