The Real Estate Council of Alberta is the independent governing authority that sets, regulates, and enforces standards for residential real estate, commercial real estate, property management, condominium management, and mortgage brokerage licensees in Alberta.
Alberta is one of the few North American jurisdictions where real estate sectors are fully self-regulated. Self regulation is a privilege granted in the public interest and for the public good.
RECA acts in the public interest to promote and protect consumer interests, support competition in real estate services, and promote market integrity. RECA’s regulatory activities define standards, investigate complaints, and enforce rules. These activities are focused on ensuring Albertans feel empowered to participate with confidence in real estate transactions and that Albertans are working with trusted real estate professionals. The actions of licensees have the potential to affect not only the clients they represent, but Albertans overall. At the same time, decisions and actions by RECA have the potential to impact Albertan’s view of the real estate industry and the role and responsibilities of licensee. RECA’s focus, in partnership with industry, is to achieve positive outcomes for Alberta consumers.
To put it simpler:
RECA licenses and regulates real estate agents, mortgage brokers, property managers, and condominium managers to enhance consumer protection.
Licensees must meet certain criteria to enter the industry. They’re required to comply with the Real Estate Act Rules, the standards of practice for competently assisting the public of Alberta in buying, selling, or managing a property or condominium, or obtaining a mortgage.