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Be Aware of Unlicensed Practice
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…
Letters of Reprimand
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…
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…
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
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…
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…
