Real Estate Act

Application
2 (1)

This Act as it relates to trading in real estate does not apply to

(a)

an assignee, custodian, liquidator, receiver, trustee or other person acting as directed by a statute or under the order of a court, or to an administrator of an estate or an executor or trustee selling under the terms of a will, marriage settlement or deed of trust,

(b)

subject to the regulations, a bank, treasury branch, credit union, loan corporation, trust corporation or insurance company trading in real estate owned or administered by it,

(c)

a person

(i) who acquires real estate or any interest in real estate,
(ii) who disposes of real estate owned by that person or in which that person has a substantial interest, or
(iii) who is an official or employee of a person acquiring or disposing of real estate within the meaning of subclause (i) or (ii),
(c.1) a condominium corporation in respect of managing its own affairs,
(d)

a person trading in real estate that consists only of mineral rights, to the extent that the person is engaged in such trading,

(e)

a member in good standing of The Law Society of Alberta acting in the course of and as part of the practice of law, or

(f)

a person exempted by the regulations.

(2) A person who is licensed under the Land Agents Licensing Act is not required to be authorized as a real estate broker under this Act with respect to that person’s activities as a land agent.
(3) This Act as it relates to dealing in mortgages does not apply to
(a) subject to the regulations, a bank, treasury branch, credit union, loan corporation, trust corporation or insurance company,
(b) subject to the regulations, an agent or employee of a person referred to in clause (a) in the capacity of agent or employee,
(c) subject to the regulations, an employee of a person dealing in mortgages as a principal while that principal is so acting in a lawful manner and while the employee is acting within the regular course of employment on behalf of that principal,
(d) a member in good standing of The Law Society of Alberta acting in the course of and as part of the practice of law, or
(e) a person exempted by the regulations.
(4) This Act, as it relates to acting as a real estate appraiser, does not apply to
(a)

a person who is an employee of the Government of Canada, the Government of Alberta or a municipality in Alberta, while so acting in the regular course of employment,

(b)

a person who acts as a real estate appraiser solely for the internal purposes of the person’s employer and in circumstances under which it is not intended that the activities of the person will be relied on by third parties, while so acting,

(c) a person who holds an authorization as a real estate broker and estimates value for the purposes of a trade in real estate, or
(d)

a person exempted by the regulations.

(5) This Act, as it relates to trading in real estate, does not apply in respect of any licence permitting the use of real estate for residential, commercial or other purposes.
 

RSA 2000 cR‑5 s2;2003 c31 s3;2007 c39 s3

 

Continue with Part 1 Section 3 - Real Estate Council of Alberta

Back to Table of Contents - Real Estate Act

 

home