Recent Legislative Changes

Real Estate Act
April 2013 RECA completed consultation with industry professionals and other stakeholders on potential changes to the Real Estate Act. RECA submitted its recommended changes to the Alberta Government and the new Real Estate Amendment Act is scheduled to be heard during the Spring 2014 session of the legislature. For more information on the recommendations put forward by RECA, click here. To read the Consultation Report on the Real Estate Act amendments submitted to Service Alberta, click here.
   
Real Estate Act Rules
Jan 27, 2010 On January 27, 2010, section 95 of the Rules, dealing with trust account requirements for real estate brokerages, was replaced with an updated section 95, which removed the requirement for all real estate brokerages to maintain a trust account. The new wording makes it so brokerages only need to maintain a trust account when in the course of its business it recieves funds on behalf of clients.

 

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