Council Highlights – August 2018

1. Council approved the 2018-2019 budget. The approved budget includes no increase to licensing fees for the 2018-2019 licensing year.

2. Council approved amended policies relating to Council finances, including signing authority, depreciation, the Real Estate Assurance Fund, and Council Operating Fund investment policies.

3. Council approved new governance policies, and amended the Real Estate Act Bylaws.

a. Council approved a new Diversity Policy to ensure Council is comprised of talented and dedicated Council members with a diverse mix of expertise, experience, skills, and backgrounds. Read the Diversity Policy here.
b. Council approved amendments to section 2(1) of the Real Estate Act Bylaws, concerning the procedure for appointment of non-AREA and Public Council Members.

i. Section 2(1) of the Bylaws now points to the appointment policies adopted by Council as the procedure for nominating non-AREA and Public Council members.
ii. Council updated the existing appointment policies

c. Council approved updated position descriptions for Council Members and for the Chair of Council, and a Terms of Reference for Council. These documents better clarify Council’s role and the role of each Council member.

4. Council approved appointments to the Hearing and Appeal Panel rosters. Hearing and Appeal Panel members are chosen from an approved roster of industry professionals, Council members, and members of the Law Society of Alberta.

5. Council approved a recommendation from the Legislative Review Committee to undertake consultation on amendments to s.96 and s.97 of the Real Estate Act Rules. The amendments are about the option to segregate commissions for payment to real estate industry professionals, and are a direct result of the work of the Alberta Real Estate Association’s At-Risk Commissions Working Group of real estate industry stakeholders.

RECA wants to hear your opinion on proposed amendments to these sections of the Rules. Read more about this consultation and how to provide your written feedback in the Consultation article of this Regulator.

6. Council tabled discussion on recommendations made by the RMS Working Group. Council will review these recommendations at its October meeting.

7. Council discussed real estate regulation issues surrounding the upcoming legalization of cannabis across Canada in October.

8. Council approved 20 payments from the Real Estate Assurance Fund for a total of $455,978.94. These payouts stem from incidents involving fraud, breach of trust, and failing to disburse or account for money held in trust. Since its creation in 1985, the Real Estate Assurance Fund has paid out $2,752,658.94. Since RECA began administering the Fund in 1996, $1,204,967.94 has been paid out.

 

More details about Council meetings and decisions will become available when Council approves the Minutes from their July 18 meeting. Council meeting Agendas and Minutes are posted on RECA website here.

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