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6 Cards in this Set
- Front
- Back
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Regulators of Real Estate Industry
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- Legislations, both provincial and federal
- Voluntary and mandatory professional associations |
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Real Estate Councils |
- Investigate improper behaviour - Report to Superintendent - Have power to suspend and cancel licence, dismiss complaint, reprimand and force education |
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Sales Procedures |
- Governed by legislation - Includes listing agreement, appraisal, advertising, disclosure, financial statements, records, commission, licensing, vicarious liability |
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Penalties for Breach of Provincial Legislation |
- Discipline under provincial Real Estate Act - Civil damages - Criminal charges |
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Federal Regulation |
The Competition Act - Agreements in restraint of trade - Bid-rigging - Price maintenance - Misleading and deceptive advertising - Sales above advertised price |
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Professional Ethics & Voluntary Standards |
CREA - Code of Ethics - Standards of Business Practice (provides guidance) Examples of business standards: - Duties to client: competence, follow client's instructions, discretion - Duties to profession: include high standards of ethical conduct |
