100+ Free Saskatchewan Real Estate Broker Exam Practice Questions

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Saskatchewan Real Estate Salesperson Licensing Exam

Practice Questions100 questions

2026 Statistics

Key Facts: Saskatchewan Real Estate Broker Exam Exam

100 MCQs

Total questions on the Phase 3 computer-based licensing exam

UBC Sauder / SREC

70% Pass

The minimum passing grade required to pass the examination

UBC Sauder / SREC

3 Hours

The total time limit permitted to complete the exam

UBC Sauder / SREC

2 of last 5 Years

Minimum experience requirement as a registrant to hold a Broker license in Saskatchewan

Saskatchewan Real Estate Commission

2 Business Days

Maximum time allowed to deposit trust funds after an offer has been accepted

SREC Trust Regulations

5 Days

Reporting window to notify SREC in writing of reportable events under Bylaw 723

SREC Bylaws

$1,399

UBC Sauder Phase 3 course registration fee (includes the first exam attempt)

UBC Sauder

$250

Re-examination fee for subsequent exam attempts if a retake is needed

UBC Sauder / SREC

The Saskatchewan Real Estate Broker Exam is a 100-question, 3-hour computer-based licensing test. Run by UBC Sauder and SREC, passing requires a 70% score. The Phase 3 course costs $1,399, and retakes cost $250. Topics include office administration, trust ledger compliance, registrant supervision, REIX E&O insurance liability, and SREC bylaws.

Sample Saskatchewan Real Estate Broker Exam Practice Questions

Try these sample questions to test your Saskatchewan Real Estate Broker Exam exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the Saskatchewan Real Estate Commission (SREC) trust account rules, how quickly must a brokerage deposit trust money into its trust account after an offer has been accepted?

A.Within 24 hours of receipt

B.Within two business days of offer acceptance

C.Within three calendar days of receipt

D.Within five business days of offer acceptance

Explanation: According to Saskatchewan Real Estate Commission (SREC) regulations and bylaws, trust money received by a brokerage must be deposited into the brokerage's trust account within two business days of the acceptance of an offer. This ensures that client funds are secured in a designated interest-bearing trust account in a timely manner.

2Under SREC Bylaw 723, within how many days must a registrant notify the Commission in writing after the commencement of a reportable event, such as a bankruptcy or criminal charge?

A.24 hours

B.3 days

C.5 days

D.10 business days

Explanation: SREC Bylaw 723 states that a registrant must notify the Commission in writing within five (5) days of the occurrence of a reportable event. Reportable events include criminal charges, civil proceedings relating to real estate or fraud, and bankruptcy filings.

3What is the primary difference between a registered Broker and an Associate Broker in Saskatchewan?

A.An Associate Broker has not passed the Phase 3 Office Management examination.

B.An Associate Broker has met the qualifications of a broker but is not designated to manage and operate the brokerage.

C.An Associate Broker is permitted to operate a trust account independently of the brokerage.

D.An Associate Broker requires direct daily supervision by a salesperson.

Explanation: In Saskatchewan, an Associate Broker is an individual who has completed all the educational and experience requirements of a broker but is not designated by the brokerage to manage or operate it. They hold broker-level qualifications but perform duties similar to a salesperson under the employing broker's authority.

4Which organization provides mandatory Errors and Omissions (E&O) liability insurance to real estate registrants in Saskatchewan?

A.The Saskatchewan Real Estate Commission (SREC)

B.The Real Estate Insurance Exchange (REIX)

C.The Saskatchewan Realtors Association (SRA)

D.The Real Estate Assurance Fund

Explanation: The Real Estate Insurance Exchange (REIX) is a reciprocal insurance exchange that provides mandatory Errors and Omissions (E&O) liability insurance to real estate professionals in Alberta and Saskatchewan. All active registrants must maintain REIX coverage to protect against professional liability claims.

5To whom must a Saskatchewan brokerage remit the interest earned on its general interest-bearing trust account?

A.The Saskatchewan Realtors Association (SRA)

B.The Saskatchewan Real Estate Commission (SREC)

C.The individual clients who deposited the funds

D.The Government of Saskatchewan General Revenue Fund

Explanation: Under Saskatchewan real estate regulations, any interest earned on a brokerage's general interest-bearing trust account must be remitted directly to the Saskatchewan Real Estate Commission (SREC). SREC uses these funds to support real estate education, professional standards, and consumer protection.

6Which of the following describes the broker's liability for the actions of their registered salespersons under Saskatchewan law?

A.The broker is only liable if they signed the listing or purchase agreement directly.

B.The broker is vicariously liable for all professional actions taken by salespersons registered under the brokerage.

C.The broker is only liable if the salesperson is registered as an employee rather than an independent contractor.

D.The broker has no liability as long as the salesperson maintains active REIX coverage.

Explanation: Saskatchewan's Real Estate Act establishes that the designated broker is vicariously liable for the actions and conduct of all registrants registered under the brokerage. This statutory liability applies regardless of whether the salesperson is structured as an employee or an independent contractor.

7What is the requirement for written consent when a Saskatchewan brokerage acts in a Limited Dual Agency capacity?

A.Written consent must be obtained from the seller only.

B.Written consent must be obtained from both the buyer and the seller before an offer is presented.

C.Verbal consent is sufficient as long as it is documented in the broker's files.

D.Consent is not required if the brokerage has designated different salespersons to represent the buyer and seller.

Explanation: Limited Dual Agency occurs when a brokerage represents both the buyer and the seller in the same transaction. In Saskatchewan, the brokerage must obtain written, informed consent from both parties (typically using the Limited Dual Agency Acknowledgement Form) before an offer is written or presented.

8Which of the following is an unlicensed assistant in a Saskatchewan real estate office permitted to do?

A.Host an open house for clients

B.Deliver documents and contracts to clients

C.Negotiate commission splits with clients

D.Discuss property features and pricing with prospective buyers

Explanation: Unlicensed assistants are restricted to administrative, non-discretionary duties. Delivering documents or contracts (without explaining them or negotiating) is permitted. Any activity involving negotiation, solicitation, or representation requires active registration with SREC.

9What standard record retention period does SREC Bylaw 605 require brokerages to follow for transaction files and trust records?

A.Two years from the date of the transaction

B.Five years from the end of the calendar year

C.Six years from the date the transaction is completed or aborted

D.Ten years from the date of the audit

Explanation: Under SREC Bylaw 605, brokerages must retain all transaction files, brokerage agreements, trust ledgers, and bank statements for at least six years from the date the transaction completed or was aborted. This standard aligns with the Canada Revenue Agency (CRA) financial record retention guidelines.

10If a brokerage trust account experiences a financial shortfall, what is the broker's immediate obligation under Saskatchewan rules?

A.Wait for the next annual SREC audit to report the discrepancy

B.Immediately notify SREC in writing and deposit their own funds to correct the shortfall

C.Deduct the missing amount from active salesperson commissions

D.Close the trust account and open a new one at a different bank

Explanation: If a trust account shortfall is identified, the broker has an immediate regulatory duty to notify SREC in writing. They must also deposit their own funds into the trust account to eliminate the shortage and keep client funds fully protected.

About the Saskatchewan Real Estate Broker Exam Exam

The Saskatchewan Real Estate Broker Licensing Exam (Phase 3: Real Estate Office Management and Brokerage) is the final educational step required to qualify as a registered Broker, Associate Broker, or Branch Manager in Saskatchewan. Administered by the UBC Sauder School of Business on behalf of the Saskatchewan Real Estate Commission (SREC), this 3-hour computer-based exam contains 100 multiple-choice questions. To upgrade your registration status to Broker, you must also document at least two years of active experience as a registrant within the previous five years. The curriculum focuses heavily on professional management, legal liability, supervising registrants, compliance with The Real Estate Act and SREC Bylaws, trust accounting practices, and business ethics. This practice question bank provides 100 mock questions spanning all blueprint domains to prepare you for the SREC exam.

Assessment

100 multiple-choice questions covering office management, trust accounting, registrant supervision, legal liabilities, compliance, audits, and business ethics.

Time Limit

3 hours (180 minutes).

Passing Score

70%

Exam Fee

$1,399 course registration (includes textbooks and the first exam attempt); subsequent exam attempts cost $250. (UBC Sauder School of Business, Real Estate Division, in partnership with the Saskatchewan Real Estate Commission (SREC).)

Saskatchewan Real Estate Broker Exam Exam Content Outline

20%

Real Estate Office Management & Strategy

Syllabus details covering strategic planning, financial forecasting, corporate legal structures, office setup, technology policy, marketing plans, and risk management in a brokerage.

20%

Brokerage Trust Accounting

Detailed rules for trust account operations: depositing client deposits within 2 business days of acceptance, monthly reconciliations, handling bank service fees, interest remittance to SREC semi-annually (April and October), and resolving shortages.

20%

Supervision of Registrants

Broker's statutory responsibility to supervise salespersons and associate brokers, review listing contracts and purchase agreements, monitor advertising compliance under SREC Bylaw 727, and regulate unlicensed assistants.

15%

Legal Liabilities & Insurance

Coverage of the legal concepts of vicarious liability, professional negligence, breach of fiduciary duty, and the difference between the Real Estate Insurance Exchange (REIX) E&O coverage and the SREC Real Estate Assurance Fund.

15%

SREC Bylaws & Regulatory Compliance

Regulatory duties, SREC Bylaw 723 reporting timelines (5-day written notice of bankruptcies, lawsuits, and criminal charges), record retention policies under Bylaw 605, and licensing updates.

10%

Compliance Audits & Business Ethics

Cooperating with SREC audit investigators, managing conflicts of interest, maintaining client confidentiality, and executing Saskatchewan's Limited Dual Agency requirements.

How to Pass the Saskatchewan Real Estate Broker Exam Exam

What You Need to Know

Passing score: 70%
Assessment: 100 multiple-choice questions covering office management, trust accounting, registrant supervision, legal liabilities, compliance, audits, and business ethics.
Time limit: 3 hours (180 minutes).
Exam fee: $1,399 course registration (includes textbooks and the first exam attempt); subsequent exam attempts cost $250.

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

Saskatchewan Real Estate Broker Exam Study Tips from Top Performers

1Memorize the deposit rule: trust funds must be deposited into the brokerage trust account within two business days of offer acceptance.

2Understand trust interest: interest on broker trust accounts must be remitted semi-annually in April and October for periods ending March 31 and September 30, accompanied by the IBTA form.

3Learn SREC Bylaw 723: registrants must report reportable events (bankruptcy, criminal charges, real estate civil suits) in writing within 5 days.

4Distinguish between REIX and REAF: REIX covers professional errors, omissions, and negligence. The Real Estate Assurance Fund (REAF) protects the public from fraud, breach of trust, or failure to disburse funds by a registrant.

5Master Saskatchewan Limited Dual Agency rules: written consent is required from both buyer and seller (via the Limited Dual Agency Acknowledgement Form), limiting the agent's ability to advocate on price or terms.

Frequently Asked Questions

What is the Saskatchewan Real Estate Broker Exam?

It is the mandatory licensing exam for real estate professionals in Saskatchewan who wish to qualify as a Broker, Associate Broker, or Branch Manager. It is part of the Phase 3 Real Estate Office Management and Brokerage course.

How many questions are on the exam, and what is the passing score?

The exam consists of 100 multiple-choice questions. Candidates are given 3 hours (180 minutes) to complete the computer-based exam and must achieve a score of 70% or higher to pass.

What are the eligibility requirements to write the broker exam?

You must complete Phase 1 and all Phase 2 courses and exams (Stream A or Stream B). To upgrade your licensing status to 'Broker', you also need at least two years of active experience as a registrant within the last five years.

What does the Phase 3 course and exam cost?

The course registration through UBC Sauder costs $1,399, which includes the textbook materials and the first exam sitting. If you fail, subsequent examination attempts cost $250 each.

What topics are tested on the Saskatchewan Broker Exam?

The exam tests Saskatchewan Real Estate Act provisions, SREC Bylaws (such as record retention Bylaw 605 and notification Bylaw 723), brokerage trust accounting (deposit deadlines and SREC interest reporting), registrant supervision, REIX insurance, and SREC code of ethics.

How should I prepare for the SREC broker exam?

Focus on SREC trust accounting timelines (2 business days for deposits, semi-annual interest reports), the 5-day notification window for Bylaw 723, Limited Dual Agency procedures, and the difference between REIX and REAF claims. Use our 100-question practice bank to test your knowledge.