Real Estate and Business Brokers Act

The Real Estate and Business Brokers Acts, 2002, came into force in Ontario, Canada on March 31, 2006.[1] 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.[2] Notable changes with the new legislation include:

  • modernized framework for registering and regulating brokerages, brokers and salespersons[3]
  • rules of trading moved from previous Act to new Act's Regulations[4]
  • procedures and programs previously found in RECO by-laws, e.g., insurance, continuing education, code of ethics and complaints process[4]
  • increased maximum fines for violations of the Act[5]

See also

References

  1. ↑ "Ontario Real Estate Law". ComparaSave. June 27, 2013. Retrieved July 2, 2013.
  2. ↑ "Real Estate and Business Brokers Act, R.S.O. 1990, c. R.4 (repealed)". Retrieved 2008-11-02.
  3. ↑ "Backgrounder: The Real Estate and Business Brokers Act". 2006-03-31. Retrieved 2008-11-02.
  4. 1 2 "For the RECOrd" (PDF). November 2005. Retrieved 2008-11-02.
  5. ↑ "New Real Estate and Business Brokers Act comes into effect today". 2006-03-31. Retrieved 2008-11-02.
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