Working with a licensee protects you as a consumer. It’s that simple. Not only do licensees have the education and experience to competently assist you in a transaction, but RECA also holds them accountable to ensure they meet the high standards of professionalism and behaviour set out in the legislation. Hiring someone who isn’t licensed leaves consumers without important protections.
The Consumer Protection Fund protects consumers who use a real estate, mortgage, or property management licensee. 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 licensee and to licensees working for the opposite side in a transaction.
All licensees undergo a Criminal Record Check prior to receiving a licence from the Real Estate Council of Alberta (RECA).
Licensees must follow the standards set out in the Real Estate Act and Real Estate Act Rules. Failure to meet these standards can lead to sanctions or disciplinary proceedings by RECA.
Licensees 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.