Real Estate Brokerage RECA
Real Estate Brokerage. Real estate brokerages are companies licensed to assist consumers in buying, selling, or leasing real estate. A real estate broker oversees each brokerage. Real estate associates and associate brokers need to be registered with a brokerage, and they are typically the brokerage representatives when working with consumers.
Actived: 7 days ago
RELO Practice of Residential Real Estate Learner Ratings
(6 days ago) I would have recommended the Fundamentals of Real Estate Course I took from RECA in a heartbeat – this one, unfortunately, needs to be reviewed in detail and focus on the end-user experience instead of internal branding. 0/10 – do not recommend. (5/5 stars) 22 July 2022. It was eloberate and easy to understand.
Standards of Conduct RECA
(2 days ago) The Standards of Conduct are plain-language summaries of Part 2 of the Real Estate Act Rules, Industry Standards of Practice. Should any discrepancy occur between these Standards of Conduct and the Real Estate Act Rules, the Rules take precedence. RECA developed the Industry Professional Standards of Conduct to assist consumers with
RELO Fundamentals of Real Estate Learner Ratings RECA
(8 days ago) Total Respondents: 6. (2/5 stars) 5 August 2022. Too many grammatical error, need more situational explanation and a video explanation would help a lot too. (4/5 stars) 5 August 2022. Material online has quite a few topics missing but the book’s have all the material. Makes it unfair for those who don’t buy the book.
AREA Fundamentals of Real Estate Learner Ratings RECA
(8 days ago) AREA Fundamentals of Real Estate Learner Ratings. (2.5/5 average) Total Respondents: 2. (1/5 stars) 5 August 2022. the course info would be much more effective had it been layed out in the same layout as the exam. Also it would be much more helpful if there was a quiz periodically (after each unit). (4/5 stars)
Real Estate Amendment Act 2020 – What You Need To …
(2 days ago) Until they are, the current Real Estate Act remains in effect. On June 18, 2020, the Government of Alberta received Royal Assent for Bill 20, the Real Estate Amendment Act 2020. Bill 20 outlines changes to the Real Estate Act that set a new governance structure for RECA, focuses RECA’s mandate, removes real estate appraisal activities from
Commission Calculations RECA
(Just Now) The Real Estate Act prohibits a real estate brokerage from calculating a fee based on the difference between the gross sale proceeds and the net sale proceeds deemed acceptable by the seller. This situation may occur when a poorly informed seller under-estimates the value of a property, and a dishonest practitioner fails to offer proper advice and takes advantage of the …
Licensing & Renewals RECA
(8 days ago) Licensing & Renewals. Licensing is the foundation on which much of RECA’s other work is built. Licensees must renew their licence every year by September 30. RECA uses its licensing processes to ensure real estate, mortgage, and property management professionals will be able to work competently and professionally.
Residential Measurement Standard RECA
(8 days ago) Residential Measurement Standard. Alberta real estate licensees must use the Residential Measurement Standard (RMS) when measuring residential properties. This measurement standard helps consumers easily and accurately compare different types of residential properties. The RMS offers a consistent means of representing a property’s above grade
Property Management RECA
(8 days ago) The residential real estate professional can lease the property on the owner’s behalf, but can’t manage the property unless he is licensed in property management and his brokerage allows property management activities. Leasing under contract: You have a property (strip mall) under contract, as a property management brokerage, and you
Residential Measurement Standard RECA
(7 days ago) Alberta real estate professionals must use the Residential Measurement Standard (RMS) when measuring residential properties. This measurement standard helps consumers easily and accurately compare different types of residential properties. The RMS offers a consistent means of representing the property’s above grade space.
Residential Real Estate Broker 2022 Engagement Session
(6 days ago) May 10, 2022. You’re invited to participate in an engagement session with the Residential Real Estate Broker Industry Council on May 25, 2022. This one-hour session will be hosted by the Industry Council Chair, Sano Stante, and held both on Zoom as well as in-person at the Real Estate Council of Alberta (RECA) office.
Real Estate Appraisal RECA
(6 days ago) Real Estate Appraisal. Whether you are buying or selling a home, re-financing a property, or trying to determine a property’s value for other reasons, you may want the services of a real estate appraiser. Real estate appraisers provide a valuation of a property. CONSUMER TIP: Comparative Market Analyses (CMA) your real estate licensee might
Guides and Industry Tools RECA
(3 days ago) Real Estate Relationship Forms. Consumer Relationships Guide. Consumer Relationships Guide (Brochure format) Consumer Relationships Guide (Plain, no graphics format) The Consumer Relationships Guide, in either of two formats (above), is a mandatory form for all residential real estate licensees. The Consumer Relationships Guide is a simplified
Written Service Agreements RECA
(2 days ago) Residential real estate, property management, and mortgage brokerage professionals must have a Written Service Agreement (WSA) when entering into a client relationship. Written service agreements help ensure the role of the licensee is clear, and when clients are better informed, there is less confusion and typically, fewer disputes.
Using an Escalation Clause in a Multiple Offer Situation
(9 days ago) An escalation clause in a real estate contract is a provision allowing for an increase to the buyer’s offer price, activated only if a competing offer is submitted that is higher than the buyer’s original offer. For example, a contract could state that the buyer is willing to pay a specified amount over the highest offer to a maximum
Brokerage Licensing RECA
(8 days ago) Brokerage Licensing. The brokerage is the company consumers deal within the real estate, property management, and mortgage industries. Every brokerage is run by one broker, and may have associates and associate brokers registered with the brokerage to carry out activities on behalf of the brokerage. Brokerages can also hire administrative staff
Recognized Course Providers RECA
(2 days ago) With the passing of the Real Estate Amendment Act 2020, the Government of Alberta tasked RECA with divesting itself of pre-licensing education and creating a framework where pre-licensing education is delivered by third party course providers.. Individuals hoping to become licensed will need to complete the required education through a recognized course provider.
Types of Decisions RECA
(1 days ago) The Real Estate Council of Alberta (RECA) is responsible for ensuring Alberta real estate brokerage, mortgage brokerage, and property management, consumers are adequately protected. Under the Real Estate Act, RECA has the authority to hold formal hearings to inquire into possible licensee breaches of the Act and discipline misconduct when
Education Opportunities RECA
(1 days ago) Real estate licensees—commonly referred to as real estate agents—buy or sell real estate on behalf of another person or company for compensation. Individuals can be licensed in commercial, residential, or rural real estate, as well as property management. Real estate licensee duties can include facilitating: a purchase or sale of real estate
New FINTRAC Requirements
(6 days ago) New FINTRAC Requirements. May 11, 2021. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has new regulatory requirements for the real estate sector coming into force June 1, 2021. The changes relate to verifying identity, how a business relationship is defined, and new record keeping requirements.
Property Stigma RECA
(Just Now) Property Stigma. A property stigma is an unfavourable quality in a property or one that makes the property less attractive or unattractive, but that is unrelated to the physical condition or features of the property. Stigmas may include: a suicide or death that occurred in the property. the property was the scene of a major crime.
Residential Property Manager Industry Council RECA
(9 days ago) On December 1, 2020, the Real Estate Amendment Act 2020 came into force, creating a new governance model for RECA, including a Board of Directors and four industry-specific Industry Councils.. RECA continues to perform its core regulatory functions, including licensing, education, investigations, and practice reviews.
Career Opportunities RECA
(8 days ago) Career Opportunities. As the governing body for Alberta’s residential real estate, commercial real estate, property management, condominium management, and mortgage brokerage licensees, the Real Estate Council of Alberta (RECA) is committed to the public interest by promoting the integrity of the industry and protecting consumers.
Consumer Protection Fund RECA
(6 days ago) Contact Us. If you have additional questions or comments, please call the Real Estate Council of Alberta at (403) 228-2954 or toll free at 1-888-425-2754. You can also write us at: Email questions to RECA at [email protected] Be sure to direct your question to General Counsel and include “Consumer Protection Fund” in your subject line.
Brokerage Amendments RECA
(9 days ago) Brokers must notify RECA when certain brokerage information changes. These changes are called brokerage amendments. In some cases, the broker completes/reports the amendment through myRECA, and in others, the broker must contact RECA directly at [email protected] amendments, whether completed/reported through myRECA or in writing, must be reported …
Condominium Management RECA
(5 days ago) The amendments to the Exemption Regulation pertaining to condominium management were approved by Service Alberta on November 10, 2021, and took effect on December 1, 2021. Amendments were also made to section 2 (6) of the Real Estate Act, that came into Force on December 1, 2021, and they exempt corporations, including bona fide employees of
Self Regulation RECA
(5 days ago) The Real Estate Council of Alberta (RECA) is the mechanism through which self-regulation occurs. It is the standards-setting body, and is responsible for governing and regulating the industry, and enforcing the standards. It takes the responsibility of self-regulation seriously, and considers it a privilege.
Make sure closing costs aren't a surprise
(5 days ago) Your real estate lawyer works with you and your lender to ensure the purchase funds get from the lender, to you, to the seller. They register you and your mortgage on the property title, and make sure the previous owner’s information/mortgage is discharged. Your lawyer will review the property’s Real Property Report with you, largely to
Multiple Offers: The Seller is in the Driver’s Seat
(1 days ago) A Reminder from Kristian Tzenov, Real Estate Regulatory Compliance Advisor. With the market as hot as it’s been this year, there’s no surprise that a lot of people have been reaching out to RECA about situations involving multiple offers—some are consumers who are unsure about how multiple offers work, and some are licensees who feel the other party’s …
Parking my Licence RECA
(7 days ago) Terminating, Parking, Re-instating, or Re-registering My Licence. Licensees can retain their licence eligibility for three years after cancelling their authorization. Learn how to cancel, park, re-instate, or re-register your authorization below.
Keep Everything: Mortgage Brokerage Document Retention
(9 days ago) The Real Estate Act Rules requires the brokerage to retain all records on closed and incomplete deals. Try to have brokerage policies in place that ensure associates submit all their records to the brokerage in a timely manner. Access to records can affect deals in progress. If an associate is sick or otherwise unreachable and a lender demands
Commercial Real Estate Broker and Commercial Property Manager …
(7 days ago) Summary of activities since February 2022 from Terry Engen, Chair. It has been a busy year with the Commercial Real Estate Broker and Commercial Property Manager Industry Council, and I would like to thank all the stakeholders who have engaged with us in that time. Stakeholder engagement is something that the Industry Council, and RECA, takes
Practice Tip: Disclosing Personal Trades
(8 days ago) Advice from your Real Estate Practice Advisor, Kristian Tzenov As a result of the current economic environment and the global COVID 19 pandemic, I have been receiving an increasing number of inquiries surrounding personal trades and the required disclosure obligations. Whenever real estate professionals engage in personal trades, either directly or …
Obeying Your Client's Lawful Instructions
(2 days ago) It is your obligation to obey any instruction given by your client, as long as they are lawful and do not go against the Real Estate Act or Rules. Sounds simple, but there are situations where you might believe that obeying the instruction is not in your client’s best interest. You can certainly tell them what you think, and you can suggest