Real Estate Professional Information

Licensing Conditions

1. Carola Frances Anne Alder (“Ms. Alder”)’s licence will be restricted to Keller Williams Elite Realty (the “Brokerage”) or another brokerage acceptable to Superintendent of Real Estate (the “Superintendent”) of the BC Financial Services Authority (“BCFSA”) for a period of not less than one year following the issuance of her licence (the “Conditional Licence Period”).

    

2. During the Conditional Licence Period, Ms. Alder must remain under the direct supervision of a managing broker of the Brokerage who is acceptable to the Superintendent, and who has confirmed in writing to BCFSA that he/she has read these conditions, is aware of her/his duties under these conditions and agrees to accept these duties (the “Managing Broker”).

3. These conditions are in addition to Ms. Alder’s and the Managing Broker’s obligations under the Real Estate Services Act (“RESA”), and the Regulations, Rules and Bylaws made under the RESA (together, the “Legislation”). BCFSA and Ms. Alder have agreed upon these additional conditions of supervision. The Managing Broker may impose his/her own additional conditions to ensure that Ms. Alder meets her obligations under the Legislation.

4. Ms. Alder must keep the Managing Broker informed weekly, or more frequently as required, of the real estate services that she is providing and other real estate-related activities that she is engaging in by providing written status reports (the “Status Reports”) to the Managing Broker that include, as applicable:

   1. the names of the principals and their agents;

   2. the locations of the properties;

   3. a description of the real estate services provided for each property;

   4. the status of each matter;

   5. any scheduled dates including closing, completion, etc;

   6. when any funds are paid or received; and

   7. any other information relevant to the matter.

5. To ensure that Ms. Alder meets her obligations under these conditions and the Legislation, the Managing Broker must meet with Ms. Alder on a weekly basis, or more frequently as required, to discuss the following:

   1. the most recent Status Report;

   2. any practice issues identified by the Managing Broker or Ms. Alder;

   3. the appropriate course of action for addressing any identified practice issues and/or whether appropriate steps have been taken to address previously identified practice issues; and

   4. confirm Ms. Alder’s attendance at or completion of any educational or training opportunities recommended by the Managing Broker.

6. Ms. Alder must consult with the Managing Broker in advance of taking any action on matters in respect of which there are questions or concerns regarding compliance with the Legislation, other applicable legislation, or the Brokerage’s policies and procedures.

7. In addition to providing the Brokerage with all records required under the Legislation, Ms. Alder must provide the Brokerage with all records created in connection with the provision of real estate services regardless of whether such records are associated with a specific property.

8. Ms. Alder must obtain the Managing Broker’s approval before presenting documents prepared by Ms. Alder to principals or their agents for execution.

9. Ms. Alder must provide to the Managing Broker all documents signed by Ms. Alder’s principals and the Managing Broker must review all such documents.

10. During the Conditional Licensing Period, the Managing Broker will provide quarterly reports to BCFSA (each, an “Interim Report”) confirming:

    1. that Ms. Alder has provided real estate services under his/her direct supervision;

    2. that Ms. Alder’s activities have been carried out competently and in compliance with these conditions, the Legislation, all other applicable legislation (to the best of the Managing Broker’s knowledge having made reasonable inquiries), and in accordance with Brokerage’s policies and procedures, or alternatively, providing details of non-compliance;

    3. that she/he has reviewed all transactions in which Ms. Alder has provided real estate services, and that all relevant documents are contained in the appropriate deal file and kept at the Brokerage; and

    4. he/she has met with Ms. Alder on a weekly basis, or more frequently as required, to discuss the matters specified under these conditions.

11. Each Interim Report will be reviewed by BCFSA, who will determine if Ms. Alder has been providing real estate services in accordance with the Legislation and these conditions during the Reporting Period and if not, will so advise the Managing Broker and Ms. Alder.

12. Within 30 days before the end of the Conditional Licence Period, or within 14 days after the Managing Broker ceases to be the Managing Broker, whichever is earlier, the Managing Broker must provide a final report (the “Report”) to BCFSA confirming in relation to the Conditional Licence Period, or during the period in which Managing Broker acted as Managing Broker under these conditions, as applicable:

1. that Ms. Alder has provided real estate services under his/her direct supervision;

2. that Ms. Alder’s activities have been carried out competently and in compliance with these conditions, the Legislation, all other applicable legislation (to the best of the Managing Broker’s knowledge having made reasonable inquiries), and in accordance with Brokerage’s policies and procedures, or alternatively, providing details of non-compliance;

3. that she/he has reviewed all transactions in which Ms. Alder has provided real estate services, and that all relevant documents are contained in the appropriate file and kept at the Brokerage; and

4. he/she has met with Ms. Alder on a weekly basis, or more frequently as required, to discuss the matters specified under these conditions; and

5. the number of real estate transactions that Ms. Alder has conducted and details regarding the principal(s), the agency offered and any dealings with unrepresented parties.

13. The Report will be reviewed by BCFSA, who will determine if the Conditional Licence Period has provided an adequate opportunity for BCFSA to make a determination that Ms. Alder is providing real estate services in accordance with the Legislation and these conditions and if not, will so advise the Managing Broker and Ms. Alder.

14. The Managing Broker must immediately report to BCFSA anything of an adverse nature with respect to Ms. Alder’s real estate services, including

    1. failure of Ms. Alder to observe these conditions, the requirements of the Legislation or all other applicable legislation; and

    2. complaints received by the Brokerage, including the nature of the complaint, the parties involved, and how the complaint was resolved.

15. The Managing Broker must ensure that Ms. Alder and her licensed assistants, if any, receive adequate, appropriate, and ongoing training with respect to their obligations under the Legislation and the Brokerage’s policies and procedures.

16. Ms. Alder may have no unlicensed assistant(s) during the Conditional Licence Period.

17. If the Managing Broker is absent from the Brokerage:

    1. for more than one week but less than one month, the Managing Broker may delegate his/her duties to another managing broker or an associate broker who confirms his/her agreement to accept the supervision duties under these conditions to BCFSA in writing; or

    2. for more than one month, Ms. Alder must notify BCFSA immediately and approval from the Superintendent for a successor managing broker to supervise Ms. Alder must be sought as set out in paragraph 19 of these conditions.

18. If for any reason the Managing Broker is unable to perform any of the duties imposed herein, he/she must immediately advise BCFSA.

19. If there is a change in the Managing Broker of the Brokerage, the former Managing Broker and Ms. Alder must immediately notify BCFSA in writing. If the Superintendent determines that the successor managing broker is acceptable as a managing broker for the purposes of these conditions, he/she will be provided with a copy of these conditions and will be asked to confirm in writing to BCFSA that he/she has read these conditions, is aware of his/her duties under these conditions, and agrees to accept these duties. If that managing broker fails to provide such confirmation within 14 days of becoming a managing broker at the Brokerage, he/she will be deemed to be unable or unwilling to perform the duties set out in these conditions.

20. Failure by Ms. Alder to adhere to one or more of the conditions may constitute professional misconduct and BCFSA retains the discretion to investigate this and any other matter, including matters set out in the Interim and Final Reports reviewed by BCFSA, pursuant to section 37 or the RESA.