Council Highlights – February 2019
| February 08, 2019
- Council appointed Robert Telford to the position of Chair of Council for the term commencing January 23, 2019 and ending October 31, 2019.
- 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.”
- 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
- 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. - 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 cybersecurity assessment of RECA IT systems and infrastructure.
- Council approved the 2017-2018 Annual Report and Audited Financial Statements.
Council Highlights January 23 Meeting
