Real Estate Self-Regulation Flashcards

Vocabulary flashcards covering key concepts from the lesson summary on real estate self-regulation.

Self-Regulation Framework in Real Estate

A model of self-regulation in real estate is established through legislation that delegates regulatory authority to a governing body, which enforces standards and practices.

Evolution of Real Estate Regulation in Alberta

Real estate regulation in Alberta evolved to balance public interest with professional accountability, transitioning to a self-regulated model governed by RECA.

Licensee Contribution to Self-Regulation

Licensees contribute by adhering to professional standards, maintaining ethical practices, and participating in continuous professional development.

Key Roles and Responsibilities of RECA

RECA is responsible for setting standards, regulating industry members, enforcing compliance, and protecting public interests.

Purpose and Composition of RECA's Board of Directors

The Board of Directors oversees RECA's activities, ensuring compliance with legislation, and includes representatives from the real estate, property management, and mortgage brokerage industries.

Roles of Executive Director and Registrar at RECA

The Executive Director oversees day-to-day operations, while the Registrar handles licensing and disciplinary processes.

RECA Functions for Licensees and Consumers

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