Transaction Brokerage - Not always appropriateWhile transaction brokerage offers a solution to resolving the conflict of interest that occurs when a brokerage finds itself representing a seller and buyer in the same transaction, there may be situations where it is not appropriate for the brokerage to act as a transaction facilitator. MESSAGE FROM COUNCILRALPH SALOMONS, CHAIRThe 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. Changes to the rules affect candidate-to-appraiser time limitCouncil recently approved amendments to section 18 of the Real Estate Act Rules eliminating the timeframe from the Rules for a candidate to become an appraiser. Council approves recommendation to continue regulating dealing in syndicated mortgagesRECA plans to remain the regulator of mortgage brokers who are licensed by RECA pursuant to the Real Estate Act and who deal in traditional syndicated mortgages in Alberta. Mortgage brokerage - When is a licence required?A real estate broker who carries on the activities of a mortgage broker must obtain the necessary authorization from RECA. The activity of a real estate broker that encourages clients to go to a particular financial institution is considered “soliciting” for the purposes of the Real Estate Act and requires a mortgage broker licence. Property Management: Are you authorized?Being licensed as a real estate industry member does not automatically ensure an individual is authorized to provide all services under the banner of trading in real estate. Real estate industry members who wish to conduct property management activities can only do so if their authorization includes property management activities. Industry Members and hard-to-insure propertiesWhen working as a real estate industry member, it is in your clients’ best interest to tell them of the requirement to have home insurance and caution them about properties that may be hard-to-insure. case summariesCase summaries are published in accordance with section 55 of the Real Estate Act. Decisions are publicized to enhance the transparency of RECA’s disciplinary process and to assure consumers there is an effective framework in place to deal with breaches of the Real Estate Act. |
Education CornerMiscommunication of Real Estate Council of Alberta (RECA) policies by other industry associations continues to be a source of frustration for the Council. RECA's Education Policy is clarified in this article. LEgal cornerJudge finds that silence by a seller – that is, knowledge of a defect but failure to disclose that knowledge – may constitute concealment when there is a contractual obligation to disclose. Review Understanding Designated Agency and Transaction Brokerage course materials for free!Industry members who have completed the Understanding Designated Agency and Transaction Brokerage course have the option of reviewing course materials – online – for free. Council Member OpportunityRECA is currently seeking a new industry member council member to represent those industry members who do not belong to the Alberta Real Estate Association. CONTACT RECAThe Regulator is published by the Real Estate Council of Alberta. Please forward any questions regarding the content of the Regulator, or any questions regarding licensing or mandatory education, to info@reca.ca. Please forward your comments and suggestions for our next issue of the Regulator, and any broken links, to communications@reca.ca.
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REAL ESTATE COUNCIL 4954 Richard Road SW, Suite 350 Calgary, AB T3E 6L1 |
Phone (403) 228-2954 |
Executive Director Director of Audit and Investigations |
Director of Corporate Services Director of Industry Standards |