Holiday Closure

The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th.  Normal business hours will resume on Thursday, January 2nd.  Happy Holidays!

Holiday Closure

The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th.  Normal business hours will resume on Thursday, January 2nd.  Happy Holidays!

June 8th - 2004

Multiple representation OK under draft REBBA regulations

With the appropriate disclosure, registrants will be allowed to represent more than one party in a transaction if proposed regulations for the new Real Estate and Business Brokers Act are passed.

With the appropriate disclosure, registrants will be allowed to represent more than one party in a transaction if proposed regulations for the new Real Estate and Business Brokers Act are passed.  

The first part of the draft regulations – the code of ethics – was released at the end of April. Part two, the balance of the draft regulations, was to be released at the end of May. The consultation draft is available on the Ministry’s web site at www.cbs.gov.on.ca

OREA is seeking member input on the proposed regulations to be included in its comments to government. Members can submit their comments and suggestions to Jim Flood, OREA’s Director of Government Relations no later than June 15 by email at djflood@orea.com or fax 416-445-2644.

What’s changing?
The draft regulations for the Code or Ethics deal with a variety of significant issues including:

  • Multiple representation: The draft regulation does not prohibit multiple representation. To ensure consumer protection, the proposed regulation of multiple representation is addressed primarily through enhanced disclosure requirements.
  • Seller Property Information Statement: The draft regulation proposes rules regarding seller property information statements. Registrants acting for the seller will be required to disclose the existence of an SPIS to buyers unless directed otherwise by the seller.
  • Representation Agreements: The draft regulation governs representation agreements, including both listing agreements and buyer representation agreements.
  • Advertising: The draft regulation expands rules in the current Code of Ethics that govern advertising to apply more broadly to all forms of representation, as well as to continue specific provisions relating to advertising.
  • Professionalism: The draft regulation governs the conduct and professionalism of registrants as regards discrimination, unprofessional conduct, abuse and harassment.

The ministry has also updated and modernized the current rules in the proposed Code of Ethics to strengthen consumer protection. Registrants under the Act who fail to meet the obligations in the draft Code of Ethics will be subject to a discipline and appeals process in line with the new Act.

New code
If adopted, the new regulations would work in conjunction with the Act, especially with Part V,  "Complaints, Inspection and Discipline."  Basically, it proposes to  replace the current Code of Ethics with a streamlined version.  The majority of the rules found in the current Code of Ethics are being carried over with changes in text, deletion of some rules and amendments to some of the language used. As well, any provisions currently in the regulations under the Real Estate and Business Brokers Act that are better suited to being enforced by the discipline process – for example, the requirement to carry a copy of the certificate of registration -- have been included in the proposed Code of Ethics.

As for the guiding principles accompanying the current Code of Ethics established by RECO, some of them have been recast and incorporated into the proposed Code of Ethics, and others have been omitted.

To view the proposed regulations for the Code or Ethics visit www.cbs.gov.on.ca/mcbs/english/5YEL9L.htm.

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For more information contact

Ontario Real Estate Association

Jean-Adrien Delicano

Senior Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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