The real estate, mortgage brokerage, property management, and condominium management industries in Alberta are self-regulated.
The Real Estate Council of Alberta (RECA) is the mechanism through which self-regulation occurs. It is the standards-setting body, and is responsible for governing and regulating the industry, and enforcing the standards. It takes the responsibility of self-regulation seriously, and considers it a privilege. RECA’s regulation of the industry is fair, open, and transparent, and ensures its consumer protection mandate is front and centre.
Council, as it existed prior to December 1, 2020, approved a formal Statement on Self-Regulation in 2012. This statement has served as the philosophical cornerstone for much of RECA’s work.
RECA’s 2016-2020 Strategic Plan reaffirmed RECA’s focus on self-regulation with a commitment to the priorities that helped ensure licensees embrace, and demonstrate an appreciation for self-regulation.
RECA will undergo a new Strategic Planning process in 2021 under the governance model that came into force on December 1, 2020.
The Board and Industry Councils
The Industry Councils are each composed of five members, three of whom are directly elected by licensees in the particular Industry Council sectors.
The Board is composed of seven members, four of whom are appointed from the licensees elected to the Industry Councils.
The Board and the Industry Councils are responsible for administering the Real Estate Act on behalf of the Government of Alberta.
Licensees must ensure they have a professional mindset when delivering services to the public. They have the primary responsibility for effective self-regulation. Their standards of conduct and business practices collectively will determine the value and integrity of the industry. They are ultimately accountable for their conduct to clients, colleagues and the governing body. Licensees are responsible for knowing and abiding by the standards of practice, and for providing competent services to the public. They are expected to read communications from RECA and keep up to date on changes to the Real Estate Act, Rules and standards of practice published by RECA.
RECA’s approach to compliance and enforcement of standards is consistent, proportionate, effective, transparent, and timely. Where appropriate, it focuses on providing information, advice, and suggestions that will lead to a change in future behaviour. That said, RECA will utilize the full range and level of sanctions available in its overall strategy to obtain industry compliance and consumer protection.