NSAR EXAM PREPARATION QUESTIONS WITH 100% VERIFIED ANSWERS!!
The Three-way Relationship - (answer)the 3 tiers of the professional trade organization for real estate in
Canada. It includes the Canadian Real Estate Association (CREA), Provincial/Territorial associations, and
real estate boards (localized)
Nova Scotia Association of Realtors - (answer)a voluntary provincial organization that represents
organized real estate in Nova Scotia. It is a combined service of the provincial association and local
boards within one structure.
The NSAR provides these services - (answer)MLS, Lockbox systems, Webforms, advocacy at 3 levels of
government, arbitration services, education
The NSAR is divided into this many regions - (answer)Seven
The Canadian Real Estate Association - (answer)the association responsible for National Activities,
International Activities and trademarks (MLS and Realtor.)
NSREC - (answer)an independent non-government agency that is responsible for the regulation of the
Real Estate Industry in Nova Scotia
Real Estate Trading Act (RETA) - (answer)created in 1997, this act established the NSREC as a corporate
body and transfers responsibility from the provincial government to the NSREC, giving the commission
the power to create and enforce it's by-laws to protect the public by establishing standards.
3 Standing committees for the NSREC - (answer)Discipline Committee, Licensing Committee, and the
Complaint review committee
The complaint Review Committee - (answer)made up of licensees and members of the public from
across Nova Scotia. This committee reviews all of the registrars complaint decisions and may accept,
reject, or make recommendations to amend decisions.
The Licensing Committee - (answer)sets the licensing standards for Nova Scotia Real Estate, their role is
to review the registrars licensing decisions upon request and make additional decisions based on any
, NSAR EXAM PREPARATION QUESTIONS WITH 100% VERIFIED ANSWERS!!
appeals or requests for exemptions. This Board also makes recommendations to the Board of Directors
on licensing issues and continuing education.
The Discipline Committee - (answer)When required, members of this committee form a hearing panel to
hold formal discliplinary hearings involving licensees. The committee hears the evidence and renders a
decision.
The NSREC Board of directors - (answer)3 NSAR members, 3 Public appointments, 3 Industry selections,
1 commercial recommendation, and the registrar
Organized Real Estate - (answer)voluntary member organizations consisting of local real estate boards,
provincial/territorial associations and the Canadian Real Estate Association
License Law - (answer)Regulatory controls imposed by a governing body upon real estate licensees. In
Nova Scotia, the NSREC is responsible for all such matters.
NSREC By-law - (answer)Regulatory requirements including procedural and administrative controls,
established and enforced by the Nova Scotia Real Estate Commission.
Multiple Listing Service (MLS) - (answer)An arrangement among brokerages who are real estate
boards/association members to share listing information. Multiple Listing Service(MLS) is a trademark of
CREA.
Real Estate Recovery Fund - (answer)a fund administered by the NSREC to compensate consumers who
suffer financial loss as a result of fraud or breach of trust by an industry member.
Subjective Value - (answer)the perception of value in the minds of the buyer and seller (what they're
willing to pay)
Objective Value - (answer)the direct cost of creation (acquiring a lot and building a house)
The Three-way Relationship - (answer)the 3 tiers of the professional trade organization for real estate in
Canada. It includes the Canadian Real Estate Association (CREA), Provincial/Territorial associations, and
real estate boards (localized)
Nova Scotia Association of Realtors - (answer)a voluntary provincial organization that represents
organized real estate in Nova Scotia. It is a combined service of the provincial association and local
boards within one structure.
The NSAR provides these services - (answer)MLS, Lockbox systems, Webforms, advocacy at 3 levels of
government, arbitration services, education
The NSAR is divided into this many regions - (answer)Seven
The Canadian Real Estate Association - (answer)the association responsible for National Activities,
International Activities and trademarks (MLS and Realtor.)
NSREC - (answer)an independent non-government agency that is responsible for the regulation of the
Real Estate Industry in Nova Scotia
Real Estate Trading Act (RETA) - (answer)created in 1997, this act established the NSREC as a corporate
body and transfers responsibility from the provincial government to the NSREC, giving the commission
the power to create and enforce it's by-laws to protect the public by establishing standards.
3 Standing committees for the NSREC - (answer)Discipline Committee, Licensing Committee, and the
Complaint review committee
The complaint Review Committee - (answer)made up of licensees and members of the public from
across Nova Scotia. This committee reviews all of the registrars complaint decisions and may accept,
reject, or make recommendations to amend decisions.
The Licensing Committee - (answer)sets the licensing standards for Nova Scotia Real Estate, their role is
to review the registrars licensing decisions upon request and make additional decisions based on any
, NSAR EXAM PREPARATION QUESTIONS WITH 100% VERIFIED ANSWERS!!
appeals or requests for exemptions. This Board also makes recommendations to the Board of Directors
on licensing issues and continuing education.
The Discipline Committee - (answer)When required, members of this committee form a hearing panel to
hold formal discliplinary hearings involving licensees. The committee hears the evidence and renders a
decision.
The NSREC Board of directors - (answer)3 NSAR members, 3 Public appointments, 3 Industry selections,
1 commercial recommendation, and the registrar
Organized Real Estate - (answer)voluntary member organizations consisting of local real estate boards,
provincial/territorial associations and the Canadian Real Estate Association
License Law - (answer)Regulatory controls imposed by a governing body upon real estate licensees. In
Nova Scotia, the NSREC is responsible for all such matters.
NSREC By-law - (answer)Regulatory requirements including procedural and administrative controls,
established and enforced by the Nova Scotia Real Estate Commission.
Multiple Listing Service (MLS) - (answer)An arrangement among brokerages who are real estate
boards/association members to share listing information. Multiple Listing Service(MLS) is a trademark of
CREA.
Real Estate Recovery Fund - (answer)a fund administered by the NSREC to compensate consumers who
suffer financial loss as a result of fraud or breach of trust by an industry member.
Subjective Value - (answer)the perception of value in the minds of the buyer and seller (what they're
willing to pay)
Objective Value - (answer)the direct cost of creation (acquiring a lot and building a house)
