Council Highlights – February 2019

  1. Council appointed Robert Telford to the position of Chair of Council for the term commencing January 23, 2019 and ending October 31, 2019.
  2. Council approved an amendment to section 12(6) of the Real Estate Act Bylaws. The section will now read: “Subject to subsection (7), the appointment of all committee chairs, whether they be ad hoc, standing, or advisory committees, shall be elected by Council by a majority vote.”
  3. Council approved the amendment of Part 4 of the October 17, 2018 resolution regarding advertising teams, to allow certain exemptions to the use of prohibited terms. Part 4 of that motion now reads:
    • “Council has prohibited specific words and terms that may suggest to consumers, or create the impression, the team is a brokerage.
    • The prohibited terms include: Agency, Associates, Brokerage, Brokers, Company, Corporation, Corp., Inc., Ltd., LLC, LLP, Mortgages, Properties, Property, Realty, Mortgages, Real Estate
    • Exception: “Mortgages”, “Mortgage”, “Real Estate”, and “Realty” may be used in team names only when followed immediately by one of two terms; either “team” or “group”.
    • Read more about this amendment and clearly indicated brokerage advertising in this Regulator, here.
  4. Council approved changes to sections 96 and 97 of the Real Estate Act Rules to allow for a brokerage “other” account for commissions, to clarify procedures for payment from trust, and to better protect the Real Estate Assurance Fund.
    Read more about these changes in this Regulator, here.
  5. Council approved a capital budget request to upgrade the security of the myRECA servers. The upgraded security will isolate the myRECA systems and storage as recommended by a third-party cyber security assessment of RECA IT systems and infrastructure.
  6. Council approved the 2017-2018 Annual Report and Audited Financial Statements.
    Council Highlights January 23 Meeting

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