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Real Estate and Business Brokers Act

From Wikipedia - Reading time: 4 min

The Real Estate and Business Brokers Acts is the legislation regulating the individual brokers and businesses registered to trade in real estate in Ontario, Canada. The most recent version, 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]

The first Real Estate Brokers Act was passed in Ontario in 1930.[1]

See also

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References

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  1. ^ a b "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 ^ "Real Estate and Business Brokers Act, R.S.O. 1990, c. R.4 (repealed)".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 November 2, 2008.
  3. ^ "Backgrounder: The Real Estate and Business Brokers Act". March 31, 2006. Retrieved November 2, 2008.
  4. ^ a b "For the Record" (PDF). November 2005. Retrieved November 2, 2008.
  5. ^ "New Real Estate and Business Brokers Act comes into effect today". March 31, 2006. Retrieved November 2, 2008.
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Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Real_Estate_and_Business_Brokers_Act
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