And so it begins.
The new regulatory framework called the "Trust In Real Estate Services Act" takes effect today, replacing the "Real Estate and Business Brokers Act".
So what does this mean? Here are 6 key points:
- Brokerages are now permitted to enter designated representation agreements with clients,
- Customer relationships have been eliminated,
- Sharing contents of offers is now permitted with the seller’s written direction,
- Enhancements have been made to information and disclosure obligations to promote clarity in communication,
- The Code of Ethics has been revamped that will focus on ethical obligations including provisions around conflicts of interest and confidentiality, and
- Revisions have been made to RECO’s Discipline Committee, authority, composition and procedures.
Updates in practice to follow.
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