Framework for Self-Regulation in Real Estate

Vocabulary flashcards on self-regulation in real estate.

Government Regulation

To create a more level playing field for professionals and the general public.

Government's Responsibility

To ensure that the public is protected during transactions with professionals.

Meeting 'Public Interest' Mandate

Through government regulation, self-regulation, or a hybrid of the two.

Self-Regulation

Primarily reserved for professional occupations requiring specialized knowledge and skills.

Duty of Service

Self-regulated professionals have a duty to apply their knowledge responsibly.

Foundation of Self-Regulation

An agreement between an organization and the government to regulate professional activities.

Legislation Mandate

Grants regulatory authority and provides a framework for regulation.

Regulatory Framework

Identifies the governing body and its legal authority to oversee the profession.

Governing Body Expectation

Expected to develop and enforce rules or professional standards of practice.

Professional Standards Goals

Ensure fair competition and that licensees act competently and ethically towards consumers.