Real Estate and Business Brokers Act
Encyclopedia
The Real Estate and Business Brokers Acts, 2002, came into force in Ontario, Canada on March 31, 2006. Sections 50 to 53, dealing with the creation of regulations, were enabled on November 7, 2005. Section 8, dealing with specialist certifications, has yet to be proclaimed. REBBA is administered by the Real Estate Council of Ontario
on behalf of the Ontario Ministry of Consumer Services.
The Real Estate and Business Brokers Act, 2002, replaces the Real Estate and Business Brokers Act, 1990. Notable changes with the new legislation
include:
Real Estate Council of Ontario
The Real Estate Council of Ontario was formed in 1997 as the delegated administrative authority under Ontario's Ministry of Small Business and Consumer Services, to administer the Real Estate and Business Brokers Act and protect the public interest....
on behalf of the Ontario Ministry of Consumer Services.
The Real Estate and Business Brokers Act, 2002, replaces the Real Estate and Business Brokers Act, 1990. Notable changes with the new legislation
Legislation
Legislation is law which has been promulgated by a legislature or other governing body, or the process of making it...
include:
- modernized framework for registering and regulating brokerages, brokers and salespersons
- rules of trading moved from previous Act to new Act's Regulations
- procedures and programs previously found in RECO by-laws, e.g., insuranceInsuranceIn law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
, continuing educationContinuing educationContinuing education is an all-encompassing term within a broad spectrum of post-secondary learning activities and programs. The term is used mainly in the United States and Canada...
, code of ethicsEthical codeAn ethical code is adopted by an organization in an attempt to assist those in the organization called upon to make a decision understand the difference between 'right' and 'wrong' and to apply this understanding to their decision...
and complaints process - increased maximum fines for violations of the Act