RIBO ACT STUDY GUIDE 2026 COMPLETE
PRACTICE QUESTIONS AND ANSWERS
GRADED A+
⩥ Regulations. Answer: Changes to the Act that do not require
provincial approval.
⩥ By-laws. Answer: Guidelines for RIBO's internal operations that must
align with the Act and regulations.
⩥ RIBO self-regulating authority grant date. Answer: October 1, 1981.
⩥ Maximum terms for elected broker on RIBO Council. Answer: 2
terms of 3 years each, totaling 6 years.
⩥ Regulation 989 change to RIBO Council composition. Answer:
Increased council size from 11 members (8 elected brokers + 3 public
members) to 13 members (9 elected brokers + 4 public members).
⩥ Minimum quorum for Qualification and Registration Committee.
Answer: 2 members.
,⩥ Circumstances for cancellation of member's registration. Answer: If
the member is delinquent in paying prescribed fees after receiving 30
days' notice.
⩥ Maximum fine for individual misconduct under RIB Act. Answer:
$100,000 or imprisonment for up to 6 months, or both.
⩥ Maximum fine for corporation offense under RIB Act. Answer:
$200,000.
⩥ Minimum equity capitalization for sole proprietorship under
Regulation 991. Answer: $2,500 or the combined maximum deductible
amount for E&O and fidelity policies, whichever is greater.
⩥ Minimum E&O insurance for RIBO members. Answer: 3 million per
claim/6 million aggregate.
⩥ Maximum time to deposit trust money into trust account. Answer: 3
banking days.
⩥ Institutions holding RIBO member's trust account under Regulation
991. Answer: A bank listed in Schedule 1 or 2 of the Canadian Bank Act,
a trust corporation, a loan corporation, or a credit union authorized to
receive money on deposit.
, ⩥ Minimum fidelity insurance coverage for RIBO members. Answer:
$100,000 per claim.
⩥ Action if E&O or fidelity insurance policy is cancelled. Answer:
Notify RIBO, and the termination cannot take effect until 30 days after
RIBO receives the notification.
⩥ Purpose of a trust account under the RIB Act. Answer: To ensure
fiduciary responsibility by holding premiums paid by policyholders until
they are owed to the insurer.
⩥ Limitation period for complaint or disciplinary action under RIB Act.
Answer: 5 years from the date of the event.
⩥ Steps RIBO investigator can take during misconduct investigation.
Answer: Enter the business premises, examine, copy, or remove books,
records, and documents relevant to the investigation.
⩥ Minimum quorum for Discipline Committee hearing. Answer: 3
members, including at least 1 public member.
⩥ Possible penalties by Discipline Committee for misconduct. Answer:
Reprimand, additional education or financial reporting requirements,
restriction, suspension, fine, or revocation of registration.
PRACTICE QUESTIONS AND ANSWERS
GRADED A+
⩥ Regulations. Answer: Changes to the Act that do not require
provincial approval.
⩥ By-laws. Answer: Guidelines for RIBO's internal operations that must
align with the Act and regulations.
⩥ RIBO self-regulating authority grant date. Answer: October 1, 1981.
⩥ Maximum terms for elected broker on RIBO Council. Answer: 2
terms of 3 years each, totaling 6 years.
⩥ Regulation 989 change to RIBO Council composition. Answer:
Increased council size from 11 members (8 elected brokers + 3 public
members) to 13 members (9 elected brokers + 4 public members).
⩥ Minimum quorum for Qualification and Registration Committee.
Answer: 2 members.
,⩥ Circumstances for cancellation of member's registration. Answer: If
the member is delinquent in paying prescribed fees after receiving 30
days' notice.
⩥ Maximum fine for individual misconduct under RIB Act. Answer:
$100,000 or imprisonment for up to 6 months, or both.
⩥ Maximum fine for corporation offense under RIB Act. Answer:
$200,000.
⩥ Minimum equity capitalization for sole proprietorship under
Regulation 991. Answer: $2,500 or the combined maximum deductible
amount for E&O and fidelity policies, whichever is greater.
⩥ Minimum E&O insurance for RIBO members. Answer: 3 million per
claim/6 million aggregate.
⩥ Maximum time to deposit trust money into trust account. Answer: 3
banking days.
⩥ Institutions holding RIBO member's trust account under Regulation
991. Answer: A bank listed in Schedule 1 or 2 of the Canadian Bank Act,
a trust corporation, a loan corporation, or a credit union authorized to
receive money on deposit.
, ⩥ Minimum fidelity insurance coverage for RIBO members. Answer:
$100,000 per claim.
⩥ Action if E&O or fidelity insurance policy is cancelled. Answer:
Notify RIBO, and the termination cannot take effect until 30 days after
RIBO receives the notification.
⩥ Purpose of a trust account under the RIB Act. Answer: To ensure
fiduciary responsibility by holding premiums paid by policyholders until
they are owed to the insurer.
⩥ Limitation period for complaint or disciplinary action under RIB Act.
Answer: 5 years from the date of the event.
⩥ Steps RIBO investigator can take during misconduct investigation.
Answer: Enter the business premises, examine, copy, or remove books,
records, and documents relevant to the investigation.
⩥ Minimum quorum for Discipline Committee hearing. Answer: 3
members, including at least 1 public member.
⩥ Possible penalties by Discipline Committee for misconduct. Answer:
Reprimand, additional education or financial reporting requirements,
restriction, suspension, fine, or revocation of registration.
