Ralph Salomons, Chair

Financial planning

The renewal deadline for the 2009-2010 licensing period is still four months away, but Council’s financial planning for the coming year is well underway. Council takes its financial health and the stability of the industry very seriously and is prepared to deal with any issues that result from the current economic changes.

Current licensing numbers in the real estate sector have decreased slightly since January 1; however, the mortgage and appraisal sectors have increased. As such, there has been a net decrease of only 99 individual industry members since January 1. RECA is monitoring the situation closely to ensure that it continues to have the resources necessary to achieve its mandate and deliver its services. RECA will release details on renewal procedures and fees in August after Council approves RECA’s budget for the coming licensing year.

Agency information

Designated agency was ushered in more than a year ago, and transaction brokerage replaced dual agency with limitations in October, but Council understands that industry members still have questions. While industry members are always encouraged to discuss these issues with their brokers, RECA also encourages industry members to use the resources available to them on the RECA website.

The RECA website, at www.reca.ca, has a link from the homepage to “Industry Member Tools.” These tools include the Agency Relationships Video, the Agency Relationships Guide, a consumer brochure for buyers and one for sellers, copies of residential real estate relationship forms, valuable FAQs on designated agency and transaction brokerage, and a Transaction Brokerage Practice Guide for Industry Members. There is also a corresponding link called “Consumer Tools” that makes similar information available to consumers.

Reminder

RECA has implemented a new licensing reciprocity policy pursuant to the national Agreement on Internal Trade (AIT) and the Trade, Investment and Labour Mobility Agreement (TILMA) with British Columbia. There are no education requirements for Alberta real estate and mortgage brokerage industry members seeking licensing in British Columbia. Applicants must review the applicable material identified by the respective regulatory organization in British Columbia, and swear an affidavit that they have reviewed the content and that they will comply with B.C. requirements. For further clarification, contact the Real Estate Council of British Columbia or the Financial Institutions Commission.

In addition, RECA has recently posted on its website over 50 Information Bulletins on various topics for all industry sectors. We continue to work on additional Information Bulletins and they will be posted as they are completed. The Information Bulletins may be viewed under the Industry Standards button of the RECA website at: www.reca.ca   

 

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