Real Estate

Change Agent

A person or thing that encourages people to change their behaviour or opinions. 

Self-Regulation

A regulatory model that enables a government to delegate its authority to a representative body of individuals who will oversee and regulate the practice of their profession or industry.

The Act

The Real Estate Act

License

The RECA-issued license and registration certificate that is required to trade in real estate in Alberta.

Bylaws

The Real Estate Act Bylaws

Board

Those individuals who have been appointed to RECA's Board of Directors of the Council (Board).

Licensees

Individuals licensed by RECA according to the Real Estate Act (includes real estate and mortgage brokerage and condominium manager), formerly referred to as industry professionals or industry members.

Real Estate Professionals

Individuals licensed by RECA according to the Real Estate Act who may possess various classes of real estate licenses (includes brokers, associate brokers, and associates).

REAP

The Real Estate Associates Program

RECA

The Real Estate Council of Alberta

Regulations

The Real Estate Act Regulations including Exemption Regulations and Ministerial Regulations

Rules

The Rules made pursuant to the Real Estate Act

Real Estate

land and fixed improvements to the land

Fixtures (Attached)

Any item that cannot be removed from the property without causing damage to the property

(e.g., Fixed shed, fireplace mantle, light fixture, built-in shelving)

Personal Property or Chattels (Unattached)

any item not securely affixed to the land or buildings

(e.g., furnishings, appliances, portable shed, table, wall art, couch)

Condominium Corporation

A legal entity created when a condominium plan is registered, responsible for managing the condominium property and representing the owners.

Building Classifications

Classified by their use, (varies by design, style and construction)

There are seven building classifications:

• Residential (considered residential real estate)

• Recreational (considered recreational real estate)

• Commercial (considered commercial real estate)

• Industrial (considered commercial real estate)

• Retail (considered commercial real estate)

• Institutional (considered commercial real estate)

• Agricultural (considered rural real estate)

Real Estate Sectors

There are two real estate sectors:

• Residential

  • real estate used for residential purposes or intended to be used for residential purposes, comprising of or to be comprised of not more than four residential premises.

• Commercial

  • The activities of a commercial real estate professional vary depending on whether that individual is involved with office, retail, or industrial properties, or with businesses that own real estate assets.

Rural real estate and property management are now separate from the real estate sectors.

• Rural

  • Rural real estate refers to the sale of farms, ranches, and large-scale business operations that embrace the production, processing, and distribution of agricultural products and crop and/or livestock operations.

• Property Management

  • Administrative operation and maintenance of the property to meet the owner’s objectives. Property management activities include a wide range of services ranging from coordinating building repairs to directing operations in large complexes.

Premises

The dwelling units contained within a residential property.

Special Assessments

Special assessments are charged to unit owners when the condominium corporation has insufficient funds in the operating budget or reserve fund to cover unexpected or large expenses, such as major repairs or emergency replacements. Special assessments are not intended as a penalty for individual owners. Issues with exclusive-use area maintenance would typically be handled through other bylaw enforcement or fines.

3 types of authority an agent may hold

• Implied authority flows from express authority and enables the agent to take actions necessary to carry out the duties assigned through express authority.

• Customary authority refers to common practices in the industry that are lawful, reasonable, and not prohibited by the principal.

• Express authority is explicitly stated—either orally or in writing—between the principal and the agent.