Recent Legislative Changes - Legislation - Real Estate Council of Alberta (RECA)

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Recent Legislative Changes

Real Estate Act
July 29, 2008	The Real Estate Amendment Act has been proclaimed by the Alberta Government and came into effect July 28, 2008. The Real Estate Amendment Act amends the existing Real Estate Act. For the exemption and ministerial regulations related to the new Real Estate Act, click here.

Real Estate Act Rules
Jan 27, 2010	On January 27, 2010, section 95 of the Rules, dealing with trust account requirements for real estate brokerages, was replaced with an updated section 95, which removed the requirement for all real estate brokerages to maintain a trust account. The new wording makes it so brokerages only need to maintain a trust account when in the course of its business it recieves funds on behalf of clients.
May 6, 2009	On May 6, 2009, section 18 of the Rules, dealing with Appraiser and Candidate Examination Requirements, was replaced with an updated section 18, which included the removal of the timeframe for a candidate to become an appraiser.
Oct 1, 2008	On October 1, 2008, Transaction Brokerage replaces Dual Agency with Limitations. The former Rule 59, dealing with Dual Agency with Limitations, is now replaced with the new Rule 59: Transaction Brokerage for Common Law.
March 1, 2008	On March 1, 2008, Designated Agency as an option for brokerages came into effect with the addition of seciton 58.1 of the Rules.

More Legistion & Information Bulletins:
Real Estate Act