Pre construction condos oakville . Ontario real estate industry will have new rules! The Ontario provincial capital has announced how it will amend the regulations of the Real Estate Services Trust Act 2020 (TRESA) in the first phase.
The provincial government’s move will reform regulations that apply to registered real estate brokers (registered real estate brokerages), brokers (brokers) and salespeople (salesperson) throughout the province, and will also address consumers’ concerns.
The contents of the first phase announced by the provincial government can integrate real estate brokerage companies and their employees more closely with modern business practices.
Real estate practitioners are allowed to set up a personal real estate company (personal real estate corporation) and receive remuneration from the company.
Allow sales (salesperson) and brokers (broker) to use additional terms in advertising, such as “real estate agent” (real estate broker) and REALTOR ®, to make it easier for practitioners to better explain to customers what they do.
It is expected that by the end of this autumn, the provincial government will carry out the second phase of regulatory revision and conduct public consultation with consumers and real estate practitioners. The focus of the consultation will be on how to enhance the credibility of real estate practitioners and help them maintain the highest ethical standards:
Update and improve the code of ethics for real estate practitioners (Code of Ethics).
Employees are required to disclose information to better protect consumers.
Adjust the powers of the Ontario Real Estate Commission (Real Estate Council of Ontario) to improve regulatory efficiency and enhance industry professionalism.
