As a regulatory, consumer protection body, one of RECA’s primary messages is how important it is for consumers to ensure they’re working with licensed real estate, mortgage brokerage, property management, and real estate appraisal professionals. There are many reasons why consumers should work with licensed professionals: working with licensed professionals protects you.
The Consumer Protection Fund protects consumers who use a licensed professional. The Fund compensates consumers who have suffered a financial loss due to fraud, breach of trust, or failure to account for money held in trust. This applies to consumers with their own licensed professional and to licensed professionals working for the opposite side in a transaction.
All licensed professionals undergo a Criminal Record Check prior to receiving a licence from the Real Estate Council of Alberta (RECA).
Licensed professionals must complete rigorous pre-licensing education before applying for a licence from RECA. They also need to complete regular re-licensing education in order to renew their licence.