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Buying a home can be complex. It’s one of the biggest purchases of your life - emotionally and financially. There are many steps involved and you’ll need help along the way. When you deal with a registered Real Estate broker or salesperson in Ontario, you can enter the market with a new level of confidence thanks to consumer protection programs administered by the Real Estate Council of Ontario (RECO). This web page provides an overview of the programs in place to protect consumers including: 1. RECO’s Code of Ethics and the supporting Complaints, Compliance and Discipline Process, 2. Consumer Deposit Insurance Plan, 3. Mandatory Continuing Education for brokers and salespersons, and 4. Broker office inspections.
What is the Real Estate Council of Ontario (RECO)? “RECO” was formed in 1997 to administer the Real Estate and Business Brokers Act on behalf of the Ontario government. All registered real estate brokers and salespersons are governed by this Act. RECO’s mandate is to protect consumers through a fair, safe and informed marketplace. In addition to administering the Act, RECO has its own Bylaws, which allow it to provide more effective governance of the real estate profession.
Make sure your Broker/Salesperson is registered Perhaps one of the most important things to remember is that RECO’s consumer protection safeguards apply only when dealing with a registered broker or salesperson. Therefore, the first thing you may wish to do when buying or selling a home is to ensure that the individual working with you is registered. You can do this through an online database on RECO’s web site: www.reco.on.ca In order to trade in real estate in the province of Ontario the individual must be registered under the Act (unless the Act specifically exempts them).
Since January 2000, all registered brokers and salespersons have been required to adhere to a Code of Ethics. The rules of the Code of Ethics define the conduct expected of them and the principles upon which they must do business in Ontario. The Code of Ethics covers areas such as confidentiality, written representation agreements, financial disclosure and advertising. You may want to review the Code of Ethics to get a better understanding of what you should - and should not - reasonably expect of you registered real estate broker or salesperson.
Mandatory Continuing Education To ensure that you benefit from advice that is accurate and current, RECO requires all registered real estate brokers and salespersons to fulfill the requirements of the Mandatory Continuation Education program. The continuing education requirements apply to all registered real estate brokers and salespersons regardless of the length of time they have been trading in real estate. Each broker and salesperson must take a course on relevant regulatory issues governing the industry. The balance of the courses may be selected from a wide range of areas that support the needs of their clients, ranging from taxation to municipal By-laws to property development.
The Complaints, Compliance and Discipline Process The Complaints, Compliance and Discipline process is designed to handle consumer complaints and concerns about the ethical conduct of registered real estate brokers and salespersons. If you feel you have been treated in a way that does not comply with the Code of Ethics, you may file a complaint. The steps in this process are as follows: 1. Submit your complaint to RECO by fax, mail or e-mail. 2. RECO will determine its jurisdiction and advice you of your rights and responsibilities and will help you to fully document your complaint. 3. RECO will advise member(s) of complaint and provide initial opportunity to respond. 4. Once RECO receives information from both you and the broker/salesperson, RECO may: make recommendations to the member; require successful completion of educational or upgrading measures; refer to anther body; refer to discipline hearing; take no further action; take action consistent with REBBA or the By-laws of the council; refer the complaint for investigation; or direct that mediation be attended.
Consumer Deposit Insurance Plan Since September 2000, deposits on home purchases with registered real estate brokers and salespersons have been protected by insurance, in the event of insolvency, fraud or misappropriation of funds. The insurance plan provides coverage up to a maximum of $100,000 per claim. It covers losses actually incurred - in other words, it protects your deposit in excess of commission payable for transactions that do not close. This protection is cost-free to the consumer: real estate brokers and salespersons pay the insurance premiums.
RECO is proactive in ensuring that Ontario consumers are protected. It has a full-time staff of inspectors who annually visit more than 800 broker offices throughout the province to ensure compliance with regulations. Areas examined include trade record sheets, accounting records and handling of trust money. While a small number of inspections are generated in response to a complaint, most are selected randomly. RECO’s inspection program has been enthusiastically embraced by Ontario’s registered real estate brokers, who welcome the opportunity to ensure a high level of professionalism among their colleagues.
You can find out more about the benefits of dealing with a registered real estate broker and salesperson and your rights and responsibilities by visiting RECO’s web site or contacting them directly.
REAL ESTATE COUNCIL OF ONTARIO 3250 Bloor Street West East Tower, Suite 600 Toronto, ON M8X 2X9 Phone: 416-207-4800 Toll Free: 800-245-6910 Fax: 416-207-4820 COMPLAINTS, COMPLIANCE and DISCIPLINE DIVISION (CCD) Phone: 416-207-4847 Toll Free: 888-296-8755 Fax: 416-207-8851 Website: www.reco.on.ca E-Mail: ccd@reco.on.ca E-Mail: information@reco.on.ca Website: www.reco.on.ca |
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