Section 12(a) of the Real Estate Act confirms the Real Estate Council of Alberta has the authority to make rules prescribing or adopting standards of conduct and business standards for industry members.
At its meeting on July 15, 2015, Council passed a motion to amend the following definitions in the Real Estate Act Rules:
The addition of Section 1(1)(g.1) which reads:
“commercial real estate” means real estate used or intended to be used to generate income and includes real estate used for retail, office, industrial, investment, institutional purposes and residential real estate comprising of more than four residential premises.”
The addition of Section 1(1)(bb.1) which reads:
“residential real estate” means real estate used for residential purposes, or intended to be used for residential purposes, comprising of or to be comprised of not more than four residential premises.”
The addition of Section 1(1)(bb.2) which reads:
“rural real estate” means real estate that has as its primary purpose farming, but does not include;
i. minerals in, on or under the real estate; or
ii. real estate used primarily for extracting, processing, storing or transporting minerals.
Dated at Calgary, Alberta, this 15th day of July 2015.