RECA Overview Established in 1995, The Real Estate Council of Alberta (RECA) is an independent, non-government agency, responsible for regulating real estate, mortgage broker, and real estate appraisal professionals under the Real Estate Act of Alberta.
Mandate RECA is mandated to protect consumers and to provide services that enhance and improve the industry and the business of industry members.
Mission RECA creates consumer confidence and trust in the industry professional by: • setting and enforcing standards of conduct and professional development requirements for the industry to protect the consumer • providing services that enhance and improve the industry • promoting the integrity of the industry • protecting against, investigating, detecting and suppressing mortgage fraud as it relates to the industry
Industry Sector Committees also adhere to a Code of Conduct, which can be viewed, here.
Commitment to Consumer Protection
The Real Estate Council of Alberta protects consumers through: • Establishing education standards for entry into the industry • Setting licensing requirements to ensure suitability of individuals who wish to enter the industry • Requiring mandatory participation in an errors and omissions insurance program • Setting standards of business conduct that promote the integrity of the industry • Carrying out effective investigation of complaints • Conducting disciplinary proceedings • Administering the Real Estate Assurance Fund • Provision of information services to educate consumers about real estate, mortgage and appraisal services and the business of industry members
Commitment to Self-regulation Alberta has one of the busiest markets for real estate and mortgages in North America; it is also home to the most dedicated professionals in the industry, who demonstrate their commitment to consumers and to high standards of service through responsible self-regulation.
Prior to July 1, 1996, regulation of the real estate industry was the responsibility of the provincial government. While the minister of Service Alberta is responsible for the Real Estate Act and general monitoring of RECA, the provincial government has no direct involvement in the day-to-day operations of RECA.
Alberta is one of only a few jurisdictions in North America with full self-regulation of the real estate industry, fully funded by industry members. In most other provinces and states responsibility is either shared with government through co-regulation or entirely the government’s concern.
The move from government regulation to self-regulation in Alberta arose not only from a desire for more effective consumer protection, but also from a drive within the industry for greater professionalism. The best interests of both the industry and the public are served when RECA discourages unethical or illegal business practices. This is accomplished by investigating complaints, conducting disciplinary hearings and implementing initiatives to improve the practice of real estate brokerage, mortgage brokerage and real estate appraisal in Alberta.
