24. A licence holder must, in accordance with this Chapter, open and maintain a trust account.
Where a broker acts for an agency, the obligations related to the opening and maintaining of a trust account are delegated to the agency. The broker remains responsible with the agency for the obligations imposed in this Chapter.
An agency may delegate to only one other agency the obligations related to the opening and maintaining of a trust account that were delegated to the agency by the brokers acting for the agency. Those brokers remain responsible for the obligations imposed in this Chapter, with their agency and the agency to which they were delegated. A written notice of the delegation must be sent to the Organization without delay.
This section does not apply to a licence holder who files a declaration with the Organization to the effect that the broker
(1) is employed by the Organization;
(2) is employed by a person who is not an agency and the broker engages, as such, in no brokerage transaction described in section 3.1 of the Real Estate Brokerage Act (chapter C-73.2); or
(3) receives no deposit, advance on remuneration or costs from clients or any other sum for others.
If a licence holder is no longer in the situation described in subparagraph 3 of the fourth paragraph, he or she must notify the Organization in writing without delay and comply with the obligations related to trust accounts provided for in this Chapter.
O.C. 296-2010, s. 24; 176-2023O.C. 176-2023, s. 611.