Real Estate and Mortgage Licences Suspended
License Cancelled

Real Estate and Mortgage Licences Suspended

Real Estate and Mortgage Licences Suspended Calgary, Alberta — on February 9 and 13, 2022, the Chair of the Residential Real Estate Broker Industry Council and the Chair of the Mortgage Broker Industry Council of the Real Estate Council of Alberta (RECA) suspended the real estate associate and mortgage associate licence of Jane Doe.  Jane…

Unlicensed Activity
Administrative Penalties

Unlicensed Activity

Unlicensed Activity Calgary, Alberta – The Real Estate Council of Alberta (RECA) is warning consumers against hiring John Doe who is not licensed to provide real estate and mortgage services in Calgary. John was formerly licensed with RECA, but his licenses were suspended by RECA on November 30, 2020, pending the result of an investigation into…

Real Estate Council of Alberta warns public of common fraud schemes as part of Fraud Prevention Month
News

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 Licence Cancelled, Barred from Becoming Licensed for Seven Years
News | License Cancelled

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…

Lifetime Withdrawal from Industry
News

Lifetime Withdrawal from Industry

Lifetime Withdrawal from Industry Calgary, Alberta—On March 17, 2022, the Mortgage Broker Industry Council of the Real Estate Council of Alberta (RECA) approved an application by Jane Doe under section 54 of the Real Estate Act to permanently withdraw their licence, effective immediately. At the time of their application, Jane was the subject of an investigation under…

Out-of-province Agents Need a Licence to Trade in Alberta
News

Out-of-province Agents Need a Licence to Trade in Alberta

Out-of-province Agents Need a Licence to Trade in Alberta RECA has heard about increased interest from out-of-province buyers, particularly from Ontario, in purchasing property in Alberta. Alberta has not seen the price increases like those in the GTA or Vancouver areas over the last decade, and Alberta’s market is being seen as an opportunity for…

Real Estate Holdbacks – Why they often don’t make sense for Lenders
News

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…

Important: Changes to Provincial rules for reporting pending sales
Calgary Real Estate Market News | News

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…

Suspensions (December 21 – February 17, 2022)
Case Summaries | suspensions

Suspensions (December 21 – February 17, 2022)

Jane was most recently registered as a mortgage associate with MA Mortgage Architects Inc. O/A Mortgage Architects. On January 31, 2022, the Chair of the Mortgage Broker Industry Council of the Real Estate Council of Alberta (RECA) suspended the mortgage associate license of Jane. Jane is not licensed to deal in mortgages. The Chair determined…

Letters of Reprimand  (December 21 – February 17, 2022)
Letters of Reprimand | Case Summaries

Letters of Reprimand (December 21 – February 17, 2022)

Mortgage Associate registered at the time of conduct with The Mortgage Alliance Company of Canada Inc. o/a Mortgage Alliance. Currently registered with 1170245 Alberta Inc. o/a Dominion Lending Centres Global Between August 2016 and July 2017, John was approached by three separate clients for their assistance in obtaining financing for three separate properties John’s clients…

Administrative Penalties  (December 21 – February 17, 2022)
Administrative Penalties | Case Summaries

Administrative Penalties (December 21 – February 17, 2022)

Not licensed • Instance 1 – $25,000• Instance 2 – $25,000• Instance 3 – $25,000• Instance 4 – $25,000• Instance 5 – $25,000• Instance 6 – $25,000 Total Fines: $150,000 On November 30, 2020, John’s license was suspended by order of the Administrator of the Real Estate Council of Alberta Between April–September 2021, John represented…

Letters of Reprimand (August 24 – September 21, 2021)
Case Summaries | Letters of Reprimand

Letters of Reprimand (August 24 – September 21, 2021)

Real estate associate registered with BGB Realty Inc. o/a Re/Max Realty Professionals. On May 7, 2021, John brought their buyer clients to view a property. The sellers returned home to find their back door and the lockbox open. John had trouble securing the lockbox, but believed it was locked when they left. John did not…

Administrative Penalties (August 24 – September 21, 2021)
Administrative Penalties | Case Summaries

Administrative Penalties (August 24 – September 21, 2021)

Real estate broker registered with Best Step Real Estate Services Ltd. Best Step Real Estate Services Ltd.’s fiscal year end was on March 31, 2021. RECA sent numerous email reminders to John to file the appropriate forms by June 30, 2021. RECA received the appropriate forms on August 4, 2021. $1,500 Real estate broker registered…

John William Wade – Hearing Panel Decision – Phase 2: Decision on Sanction and Costs
Hearing Panel Decision | Case Summaries

John William Wade – Hearing Panel Decision – Phase 2: Decision on Sanction and Costs

Real estate associate registered at the time of conduct with 4th Street Holdings Ltd. o/a Re/Max Real Estate (Central). Currently registered with Irealty Calgary Inc. o/a Re/Max IRealty Innovations. On August 11, 2021, a Hearing Panel concluded a Phase 2 hearing and made a decision on sanctions and costs after a Phase 1 hearing confirmed…

Understanding the Real Property Report (R.P.R)
Real Property Report

Understanding the Real Property Report (R.P.R)

HOW DOES A REAL PROPERTY REPORT PROTECT YOU? A current Real Property Report (RPR) provides accurate, clearly presented, formal information about one of the largest financial investments most people ever make. Sellers who can provide a Real Property Report with Compliance from the city protect themselves from liability and provide solid reassurance to Buyers that…