Letters of Reprimand issued by RECA from June 13 to July 18, 2022 Real Estate Act Rules s.42(a) A licensee must not make representations or carry on conduct that is reckless or intentional to mislead or deceive a person. Jane Doe: Condominium management broker registered with Catalyst Condo Management Ltd. On June 27, 2019, a…
Administrative Penalties by RECA from June 13 to July 18, 2022 Real Estate Act s.41(b) A real estate licensee must provide competent service. Jane Doe: Real estate associate broker registered with Walsh Real Estate 2010 LTD. o/a Re/Max Fort McMurray On November 15, 2021, Jane arranged an inspection for their buyer client Jane asked the…
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)…
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…
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 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 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…
Be Aware of Unlicensed Practice RECA takes unlicensed activity seriously. A person cannot trade in real estate, deal in mortgages or act as a property or condominium manager without an licence issued by RECA (s. 17 of the Real Estate Act). Sometimes the line between licensed and unlicensed activity is misinterpreted, which unfortunately leads to 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 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…
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…
Real Estate Act Rules s.41(b) Real estate licensees must provide competent service. 1. John Doe 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…
A Reputation Built on Trust
