Section 12(a) of the Real Estate Act, confirms the Real Estate Council of Alberta (Council) has the authority to make rules prescribing or adoption standards of conduct and business standards for industry members;
And WHEREAS section 12(e) of the Real Estate Act, confirms the Council has the authority to make rules requiring that specified types of transactions in the business of an industry member be evidenced by an agreement in writing and that such an agreement contain specified provision.
Council passed a motion on October 23, 2013 amending the requirements for written service agreements in section 43 of the Real Estate Act Rules. Council further amended the Real Estate Act Rules by repealing section 56.
THEREFORE BE IT RESOLVED THAT:
The Rules be amended as follows:
By amending section 43 to read:
s. 43(1) Subject to these rules, an industry member who establishes a client relationship when trading in residential real estate, property management, or when dealing in mortgages must enter into a written service agreement with that prospective client.
(1.1) Subject to these rules, an industry member who establishes a client relationship when trading in commercial real estate or who acts as a real estate appraiser should enter into a written service agreement with that prospective client.
By repealing section 56.