Archive

Message from the Administrator: Duane Monea

In my first message as the Administrator of the Real Estate Council of Alberta (RECA), I want to take the opportunity to acknowledge the passionate energy of industry professionals in Alberta. It is clear that you take your industry seriously, and are eager for it to remain professional, competent, and accountable to the Alberta public, […]

Practice Tip: Being Professional in all Situations

Over the past few months, RECA has seen an unprecedented increase in complaints from consumers regarding unprofessional behaviour from licensees. Complaints have included the use of profanity, rudeness, and yelling by industry professionals. Unprofessional behaviour like this undermines public confidence in the industry, harms the integrity of the industry, and brings the industry into disrepute. […]

Practice Tip: When You Must Notify the Executive Director

Did you know that when certain events occur, industry members are required to immediately notify the executive director? Failure by industry members to immediately notify the executive director of certain events results in dozens of Letters of Reprimand and Administrative Penalties each year. Why do you have to notify the executive director? RECA’s mandate is […]

Practice Tip: Transferring Brokerages—Don’t Forget About your Advertising

Industry professionals transfer brokerages for all sorts of reasons. When this change occurs, there can be a long list of details to sort out. Beyond getting your service agreements or existing purchase contracts in order, you must remember to update your existing advertising. All professionals who transfer brokerages are required to immediately change their advertising […]

Practice Tip: The Ins and Outs of Conditional Sales

Imagine this typical scenario: you’ve listed your longtime client’s home and they receive a conditional offer at the asking price. Your seller clients accept the offer and take their home off the market. Your client is already picturing their happy ending. But as you know, depending on the details of the purchase agreement, the deal […]

Broker Practice Tip: The Business of Running a Brokerage

You are passionate about your career and you want to be the boss. You’ve got the experience and have taken the necessary RECA education programs to become a licensed broker. You’re all set to run your own brokerage… or are you? Running a brokerage isn’t just about real estate or mortgages. A brokerage is, first […]

Practice Tip: Declaring Bankruptcy and Your Next Steps

Advice from your Mortgage Broker Practice Advisor, Gary Siegle Industry professionals often work on commission. Making an income can be uncertain even though expenses seem constant. Industry professionals are more likely to experience financial hardship than individuals in other professions where income is stable and predictable. As a result, industry members often have to make […]

Searching High and Low

RECA relies on the website as the main tool in communicating information in order to meet our mandate to protect consumers and to provide services that enhance and improve the real estate industry and the business of industry professionals.* In order to keep consumers, industry professionals, and other stakeholders informed, RECA publishes comprehensive information on […]

News Bytes: February 2020

Remembering Graham Downey It is with great emotion we announce that Graham Downey, former Chair of Council, passed away in December. Graham was a real estate professional for more than 55 years, and a real estate appraiser for more than 50 years. Graham served on Council from 1998-2004, served as Chair in 2002, and also […]

RECA News: RECA is Enhancing its Examination Program

RECA Education is pleased to announce that it’s in the process of enhancing its examination program. This new exam platform will launch on January 27, 2020. This enhancement involves moving to Yardstick Assessment Strategies (YAS)—a full service professional testing organization dedicated to ensuring examinations are valid, reliable, and defensible. YAS follows the International Organization of […]

Chair’s Message – October 2019

As you are all aware, the Minister of Service Alberta, the Honourable Nate Glubish, introduced Bill 15 into the Alberta Legislature last week. Once passed, this Bill amends the Real Estate Act, dismisses the eight remaining members of Council (4 of whom have terms expiring October 31, 2019), and gives the Minister the authority to […]

Licensing Renewal Roundup 2019

The latest licensing renewal period is complete and overall, the industry outlook remains positive. The Numbers Year-over-year, the number of individuals licensed in Alberta remained stable. The numbers in mortgage brokerage increased slightly, while the numbers in real estate brokerage and real estate appraisal decreased slightly. As of October 7, 2019, 14,617 industry professionals were […]

Practice Tip: When Mortgage Professionals can Collect Fees

Advice from your Mortgage Broker Practice Advisor, Gary Siegle I often get asked, “when exactly can I collect my fee?” It’s a good question because there are many steps involved in closing a mortgage transaction. The timing is different for residential transactions than commercial transactions. For residential transactions, you cannot collect (or even attempt to […]

Practice Tip: Referral Fees

Advice from your Mortgage Broker Practice Advisor, Gary Siegle Most real estate transactions have several different players at the table. Many mortgage professionals have existing relationships with third-party service providers, and you may refer your clients to an insurance broker, home inspector, or cleaner. When you make the referral, you trust the person or company […]

Practice Tip: Send your Clients to reca.ca for Helpful Information

Did you know that RECA provides lots of information for consumers as well as industry professionals? In fact, because RECA’s mandate is to protect consumers, RECA has created a suite of articles, websites, and resources over the years for consumers. We continue to build the resources regularly. These are to help consumers, your clients, better […]

News Bytes: October 2019

Remembering Lynn Allen Patrick It is with a heavy heart we announce that Lynn Patrick, former Council member of RECA, passed away in September. Lynn was a public member of Council, and RECA’s very first public member Chair (2005). He served on a number of government boards and was involved with several charities. During his […]

Real Estate Associate Brokers Must Take All 3 REP Courses To Maintain Their Licence Class

All real estate associate brokers must complete all three update courses in order to retain their associate broker licence class upon renewal for 2019-2020.

Have You Renewed Your Real Estate Licence?

Every year over 15,000 professionals in Alberta’s real estate industry renew their licence with RECA. Last week, 1,381 industry professionals successfully completed their renewal. Those industry professionals are now able to go about their day-to-day business activities without the stress and distraction of the September 30 deadline looming over them. If you haven’t yet completed […]

Real estate professional says they’ll buy my house. Should I be wary?

My real estate agent says they’ll buy my house if it doesn’t sell in 90 days. Should I be wary? Wary might not be the best word, but you do need to make sure you understand the details of the offer. This type of offer is a guaranteed sales agreement, and while there is nothing […]

Is there a standard rate of real estate commission in Alberta?

My real estate professional told me there is a standard rate of commission in Alberta, is that true? It depends what they mean by “standard.” There is no legislative requirement or governing body that specifies the commission rate an authorized industry professional can or will charge. The fact is, commission is something you can negotiate […]

Can a real estate professional represent both the sellers and the buyers?

I’m selling my home, and the potential buyers also want to use my real estate professional to represent them. Is that allowed? Yes, that’s allowed. The situation you’re referring to is called transaction brokerage. Transaction brokerage is a service option when your real estate professional represents a buyer client interested in purchasing the property in […]

Do I have to sign a contract with a real estate professional to view a house?

I saw a house for sale, and I want to check it out—will I have to sign a contract to get a real estate professional to show me the house? The short answer is no. If you see a house for sale and you simply want a real estate professional to show you that house, […]

Do “contractors” need a licence to provide property management services?

I heard that if someone calls themselves a “contractor,” they don’t need to have a licence to provide property management services. Is that true? No, that’s not true. The truth is it doesn’t matter what a person calls themselves. If they are providing property management services and they are not the owner of the property […]

Can my finished basement be included in the square footage on my house listing?

I just spent $50,000 to finish my basement with high-end finishings. Now, I’m listing my house for sale, and my real estate representative says she can’t include the basement square footage in the total size. Why not? You developed your basement and it’s beautiful. You’re sure any potential buyer would agree that it looks great, […]

Can I terminate my listing agreement before the term expires?

I hired a real estate professional to sell my home. The seller representation agreement (listing agreement) I signed is for four months. It’s only been two months, but I want to terminate the agreement, can I? The short answer is yes, but it can be complicated. The agreement you signed is a legal contract between […]

Do condo management companies need to be licensed?

I’m on a condominium board, and we have decided to hire a professional management company. Do they need to be licensed? This is one of the most common questions we get. The answer depends on what they are going to do on behalf of the Board of Directors, and how they will handle the condominium […]

How can I ensure the resale condo I want to buy is a good investment?

I want to buy a resale condominium, but I’m worried about rising fees and possible assessments. How can I ensure the condominium is a good one? Condominiums can be a great housing option, and with some due diligence, you can find one that is well suited to your needs, and a financially sound purchase. Condominium […]

Is it legal for my real estate agent to collect commission on a sale after the agreement ends?

I’m selling my house, and the listing agreement says I have to pay my real estate agent commissions if my place sells after the agreement ends. Is that legal? It sounds like you’re referring to the “holdover” clause, which is found in most residential listing agreements (seller representation agreements) in Alberta. And yes, holdover clauses […]

Do I have to disclose a death that occurred in the house when I sell?

My elderly mother passed away at home. We are now selling her home, do we have to disclose that she died in the property? Simply put, you are not required to disclose her death to potential buyers. Sellers are required to disclose certain defects to potential buyers, but a death occurring in a home is […]

Can people book a viewing of my home to compare it to their own listing?

My townhouse is listed for sale. There was a showing earlier today, and I found out those “buyers” just viewed my home to see it as a comparable for their own listing. Is that allowed? The short answer is, no, it shouldn’t be. When you list your property for sale, you expect that showings of […]