New Rules Promote Consumer Protection

Calgary, Alberta – On October 1, 2006, new Real Estate Act Rules took effect.  These rules are the result of a two-year project by the Real Estate Council of Alberta to update industry practices and clarify the service relationships between real estate, mortgage, and appraisal professionals in Alberta and their clients.  The revisions to the Real Estate Act Rules promote written service agreements and timely disclosures to consumers and are part of the industry’s ongoing commitment to creating consumer confidence through responsible self-regulation.  The new Rules are available at www.reca.ca.

The requirements taking effect on October 1st will protect consumers by requiring industry
professionals to:

Under the Real Estate Act Rules, licensed real estate, mortgage, and appraisal professionals must act honestly, disclose any conflict of interest they may have in the course of providing services to their clients, and disclose all relevant facts known to them affecting the transaction when acting as an exclusive representative.

Consumers are encouraged to use www.reca.ca to conduct a licence search and to ensure that they deal only with licensed professionals. Consumers involved in a transaction in which a licensed professional may have acted improperly can learn about the Real Estate Council’s complaint, investigation, and disciplinary processes online, as well as view recent disciplinary decisions.

The Real Estate Council of Alberta (RECA) is an independent, non-government agency, responsible for regulating real estate, mortgage broker, and real estate appraisal professionals under Alberta’s Real Estate Act.  RECA is mandated to protect consumers and to provide services that enhance and improve the industry and the business of industry members.

 

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