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Important: Changes to Provincial rules for reporting pending sales
Members from all Alberta Boards/Associations have asked for a change to the definition of pending status so that listings reported pending in the MLS®System continue to be marketed to REALTOR.ca and third-party websites. To support this change, the provincial Rules Change Management Group (CMG), undertook a review of all pending status rules so to make recommendations for…
RECA Hearing Panel Decisions from June 13 to July 18, 2022
RECA Hearing Panel Decisions from June 13 to July 18, 2022 Real Estate Associate registered at the time of conduct with Lampas Holdings Ltd. o/a Re/Max River City Issues: The Notice of Hearing submitted by the Registrar outlined four breaches of the Real Estate Act and the corresponding Rules. They are as follows: s. 54(3)…
Real Estate Licence Cancelled, Barred from Becoming Licensed for Seven Years
Real Estate Licence Cancelled, Barred from Becoming Licensed for Seven Years Calgary, Alberta — on February 24, 2022, a Hearing Panel for the Real Estate Council of Alberta (RECA) cancelled the licence of John Doe and barred John from becoming eligible for licensing for seven years. John is not licensed to trade in real estate in…
Real Estate Council of Alberta warns public of common fraud schemes as part of Fraud Prevention Month
Real Estate Council of Alberta warns public of common fraud schemes as part of Fraud Prevention Month Calgary, Alberta – March marks the beginning of Fraud Prevention Month across Canada. The Real Estate Council of Alberta (RECA) is taking action to raise awareness about common fraud scenarios in the real estate sector. “During the pandemic we’ve…
Real Estate Holdbacks – Why they often don’t make sense for Lenders
Real Estate Holdbacks—Why They Often Don’t Make Sense for Lenders RECA has received an increase in inquiries regarding the use of holdbacks in real estate sales contracts. A holdback occurs in a real-estate transaction when the buyer identifies a condition (typically a renovation or repair) that they want to be completed at the seller’s expense. The holdback…
Brokerage Trust Accounts Frozen
Brokerage Trust Accounts Frozen Calgary, Alberta – On February 25, 2022, the Real Estate Council of Alberta (RECA) froze the trust accounts of John Doe Real Estate Group Ltd. The John Doe Real Estate Group Ltd. is licensed in property management and real estate. At this time no deposits, withdrawals, or transfers can be made…
