On December 1, 2020, the Real Estate Amendment Act 2020 came into force, creating a new governance model for RECA, including a Board of Directors and four industry-specific Industry Councils.
RECA continues to perform its core regulatory functions, including licensing, investigations, and practice reviews.
The Board of Directors is composed of three members of the public appointed by the Minister of Service Alberta, and four licensees, one appointed from each of the four Industry Councils from among their members. The purposes of the Board are to set the strategic direction and ensure the effective operation of Council, to protect against, investigate, detect and suppress fraud as it relates to the business of licensees and to protect consumers, to provide, or support the provision of, services and other things that facilitate the business of licensees, as provided for in the Real Estate Act Regulations, and to administer the Real Estate Act, the Regulations, the Bylaws, and the Rules. An administrative staff, led by the CEO, assists the Board in fulfilling its duties.
Board members are appointed for 3-year terms, and can serve 2 terms consecutively. Section 6 of the Real Estate Act outlines the composition of the Board.
There are four Industry Councils, one for each of the specific sectors within the industry. These are:
Each Industry Council is comprised of two members of the public appointed by the Minister of Service Alberta, and three licensees from that particular sector, elected by other licensees from that sector. The purpose of each Industry Council is to set and enforce standards of conduct for licensees and the business of licensees in order to protect consumers and promote the integrity of the industry, and to administer the Real Estate Act, the Regulations, the Bylaws, and the Rules. Each Industry Council may establish rules setting out the conditions for a person to become and remain a licensee of their particular industry sector, including the minimum standards for conduct and education requirements.
Industry Council members are appointed for 3-year terms, and can serve 2 terms consecutively. Section 7.1 of the Real Estate Act outlines the composition of the Industry Councils.