Comply with Legislation
Purpose: To emphasize you must practice in accordance with the Real Estate Act, Regulations, Rules, Bylaws and any other laws that govern industry professionals.
This bulletin applies to all industry professionals.
As an industry professional, you have a professional and legal obligation to know and comply with the provisions of the Real Estate Act, Rules, Bylaws and Regulations, and any other Alberta laws that govern trading in real estate or property management, dealing in mortgages, or providing real estate appraisal services. This is to preserve the integrity of self-regulation and confidence of the public.
You must maintain your competence to keep informed and comply with amendments to the applicable legislation. Lack of awareness or knowledge of the legislation is not a defense in a conduct proceeding.
Your obligation to comply with the applicable legislation extends to situations when you are a direct or indirect party in any transaction.
Examples of practice where you should know or comply with other Alberta laws:
- property management - the Residential Tenancies Act (Alberta)
- residential or consumer mortgages - the Fair Trading Act
- represent sellers or buyers of condominium properties - the Condominium Property Act.
- Real Estate Act Rules - section 41(g)