Legislation & Information Bulletins > Legislative Updates
Real Estate Act
RECA completed consultation with industry professionals and other stakeholders on potential changes to the Real Estate Act. RECA submitted its recommended changes to the Alberta Government and the new Real Estate Amendment Act is scheduled to be heard during the Spring 2014 session of the legislature. For more information on the recommendations put forward by RECA, click here.
Real Estate Act Rules
Jan 27, 2010
On January 27, 2010, section 95 of the Rules, dealing with trust account requirements for real estate brokerages, was replaced with an updated section 95, which removed the requirement for all real estate brokerages to maintain a trust account. The new wording makes it so brokerages only need to maintain a trust account when in the course of its business it recieves funds on behalf of clients.
May 6, 2009
On May 6, 2009, section 18 of the Rules, dealing with Appraiser and Candidate Examination Requirements, was replaced with an updated section 18, which included the removal of the timeframe for a candidate to become an appraiser.
Oct 1, 2008
On October 1, 2008, Transaction Brokerage replaces Dual Agency with Limitations. The former Rule 59, dealing with Dual Agency with Limitations, is now replaced with the new Rule 59: Transaction Brokerage for Common Law.
March 1, 2008
On March 1, 2008, Designated Agency as an option for brokerages came into effect with the addition of seciton 58.1 of the Rules.