Tico Module 2 Study Guide Graded A+

When was British Colombia's Travel Agents Registration Act enacted? {Ans: 1977}Who were the first to realize the potential of "bulk buying" for the travel industry? {Ans: the Europeans}Why is travel legislation needed? {Ans: A number of common travel problems can result from the actions or arrangements that travel suppliers make. Travel agents - even if they do not cause the above problems - may have to deal with the fallout from them.}Trust accounting {Ans: The monies collected from consumers must be placed in a trust account and used to pay for the consumer's travel purchases. A trust account is separate from the general account, which is used to pay all business expenses. Commissions and other charges are transferred from the trust account to the general account only after the clients travel or all suppliers have been paid. Should a tour operator or travel agency go bankrupt, the clients' funds can be returned.}What are the six mechanisms that are used to protect consumers? {Ans: A registration system, a posting of security, a compensation fund, trust accounting, truth in advertising, and supervision/educational requirements.}Registrant {Ans: A travel agent or a travel whole-saler who is registered as a