Section 32 of the Real Estate Act Rules requires that brokerages immediately notify the Real Estate Council of Alberta’s (RECA) executive director of the opening or closing of trust accounts, or of any changes related to their trust accounts. Typically, brokerages provide immediate notification to the executive director of any trust account changes via fax, mail or email.

In the past, brokerages had no way to review the trust account information they had previously provided to RECA to ensure it was current and accurate, other than on their brokerage application form or other notification sent to the executive director. The tracking of trust account information that had previously been provided to RECA is especially cumbersome for brokerages that conduct property management activities on behalf of others (third parties) where there are multiple trust accounts for multiple owners and multiple properties for each owner.

Brokerages carrying out property management activities can view their trust account information for each client to ensure it is complete and accurate using RECA Online, and they can make changes themselves using RECA Online. Brokers will no longer have to fax, mail or email changes to RECA if they provide notification to the executive director of trust account changes using RECA Online.

All brokerages should immediately review information for all of their trust accounts using the RECA Online system to ensure the information is up to date, and make any changes as required.

To use RECA Online to review trust account information for all of your clients or to make changes to trust account information (including additions and deletions):

• Log on to RECA Online.
• At the brokerage details screen, select ‘Modify Brokerage Trust Accounts’ from the action bar next to the brokerage name.
• If you wish to modify the trust account information in any way, click on the pencil and paper ‘Modify Trust Account’ icon in the Action Box of the Trust Account screen to modify trust information.
• Click the garbage can icon to delete a trust account.
• Click the blank page icon above the trust information chart to add a new trust account.
• If the trust account information currently noted in RECA Online is correct, you do not need to do anything further.

RECA will automatically be notified anytime a brokerage uses RECA Online to make changes to trust account information.

 

home