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!

January 5th - 2006

Get ready for REBBA, 2002

Breaking the rules will mean stiffer penalties for registrants starting next spring when a new Real Estate and Business Brokers Act (REBBA, 2002) comes into effect. Maximum fines for violating the Act have increased from $25,000 to $50,000 for an individual and from $100,000 to $250,000 for corporations.

Breaking the rules will mean stiffer penalties for registrants starting next spring when a new Real Estate and Business Brokers Act (REBBA, 2002) comes into effect. Maximum fines for violating the Act have increased from $25,000 to $50,000 for an individual and from $100,000 to $250,000 for corporations.

That’s just one of several legislative changes registrants will need to familiarize themselves with before March 31, 2006 when REBBA, 2002 becomes law.

Under the new Act, registrants will be required to provide greater disclosure related to multiple representation. There will also be new prohibitions regarding registrants falsifying information, increased requirements for information contained in trade record sheets and stricter rules and requirements for record retention. As well, the Code of Ethics has been significantly revised.

REBBA, 2002 and its regulations will replace the current Act. Many of the rules of trading found in the previous REBBA have been moved to regulations under the new Act. For example, the Code of Ethics, complaints process and related rules regarding discipline and appeals panels will now be found in regulations under the Act instead of in RECO bylaws where they are currently found.

Many of the changes have been designed to provide greater consumer protection. Under the new Act, the Registrar will be able to order an immediate suspension of registration where he feels it is in the public’s best interest. Currently, while considering whether a notice of proposal should be issued or even after a proposal has been issued, the registrant continues to trade in real estate, in some situations harming more consumers. In cases where a registrant appeals the proposal, they can continue to trade in real estate until the License Appeal Tribunal upholds the Registrar’s proposal.

The Registrar will also have a number of new powers under REBBA, 2002 to deal with false advertising. In addition to ordering the cessation of false advertising, he will be able to order registrants to retract statements or publish corrections.

Over the next few months, RECO will be releasing educational information about REBBA, 2002 on their website, in their newsletter and via email to registrants who have activated a MyWeb account. To view the REBBA, 2002 in its entirety, visit www.reco.on.ca.

OREA will be hosting information sessions for board executives and instructors so that they are better able to assist members and students. Watch for more articles in REALTOR® EDGE in the coming months on REBBA 2002 and what it will mean to REALTORS®.

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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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