Agreement - Real Estate Council of Alberta, Alberta Mortgage Brokers' Association and Mount Royal College

Calgary, September 6, 2002 - On September 6, 2002, officials representing the Real Estate Council of Alberta (RECA), the Alberta Mortgage Brokers' Association (AMBA), and Mount Royal College, signed a Memorandum of Understanding concerning the development and delivery of Alberta's first licensing course for mortgage agents.

This historic five-year agreement was signed in Red Deer during the Annual Conference of the Alberta Mortgage Brokers' Association. Under the terms of the Memorandum of Understanding, AMBA and Mount Royal College will jointly develop the Mortgage Broker 1000 course. Mount Royal College will also administer RECA's Provincial Qualifying Examination on behalf of RECA to those individuals who wish to become licensed as mortgage agents with a licensed mortgage brokerage. The course will also be available to real estate licensees for continuing education credits.

"Mount Royal College is pleased to be the educational institution of choice in the delivery of this program across the province," said Donna Spaulding, Dean of the Faculty of Continuing Education. "The Mortgage Broker Agents' course serves an important professional development role in the Alberta real estate industry, and we value our partnership with the Real Estate Council of Alberta and the Alberta Mortgage Brokers' Association."

"This Memorandum of Understanding between the Real Estate Council of Alberta, Mount Royal College and the Alberta Mortgage Brokers' Association is the culmination of three years of work and the document recognizes the Mortgage Brokers Agents' course for licensing purposes by the Real Estate Council of Alberta," said David McNabb, President of the Alberta Mortgage Brokers' Association. "We are pleased to be associated with such a well recognized institution as Mount Royal College who will be delivering this course through Alberta."

In his comments to the members of AMBA at their annual meeting in Red Deer, Graham Downey, Chair of the Real Estate Council of Alberta, stated "the development and delivery of this course will set the educational standard in Canada for the education and licensing requirements of mortgage agents. The next step will be to develop a licensing course for mortgage brokers. Together with industry based regulation, Alberta continues to lead all Canadian jurisdictions in the areas of education, licensing and regulation of mortgage brokers."

Graham Downey went on to indicate that RECA proposes to work with AMBA, other provincial regulatory bodies across Canada and the Canadian Institute of Mortgage Brokers and Lenders (CIMBL) to achieve common educational and regulatory standards for mortgage brokers and promote licensing education recognition between provinces.

The Real Estate Council of Alberta (RECA) is an independent, non-governmental agency, responsible for the regulation of the real estate industry which includes real estate brokers, business brokers, property managers, and mortgage brokers. RECA is mandated to protect consumers and to provide services that enhance and improve the industry and the business of industry members.

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