Real Estate Self-Regulation Flashcards

Vocabulary flashcards on real estate self-regulation.

Self-Regulation in Real Estate

A model established through legislation where regulatory authority is delegated to a governing body to enforce standards and practices.

Alberta's Real Estate Regulation Evolution

Evolved to balance public interest with professional accountability, transitioning to a self-regulated model governed by RECA.

Licensee's Contribution to Self-Regulation

Adhering to professional standards, maintaining ethical practices, and participating in continuous professional development.

Real Estate Council of Alberta (RECA)

Responsible for setting standards, regulating industry members, enforcing compliance, and protecting public interests.

RECA's Board of Directors

Oversees RECA's activities, ensuring compliance with legislation, and includes representatives from the real estate, property management, and mortgage brokerage industries.

RECA Executive Director

Oversees day-to-day operations.

RECA Registrar

Handles licensing and disciplinary processes.

RECA Functions

Provides licensing, education, consumer protection, dispute resolution, and enforcement of professional standards.