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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…
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…
Administrative Penalties by RECA from June 13 to July 18, 2022
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…
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…
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…