Real Estate And Business Brokers Act
The Real Estate and Business Brokers Acts, 2002, came into force in Ontario, Canada on March 31, 2006. Sections 50 to 53, dealing with the creation of regulations, were enabled on November 7, 2005. Section 8, dealing with specialist certifications, has yet to be proclaimed. REBBA is administered by the Real Estate Council of Ontario on behalf of the Ontario Ministry of Consumer Services.
The Real Estate and Business Brokers Act, 2002, replaces the Real Estate and Business Brokers Act, 1990. Notable changes with the new legislation include:
- modernized framework for registering and regulating brokerages, brokers and salespersons
- rules of trading moved from previous Act to new Act's Regulations
- procedures and programs previously found in RECO by-laws, e.g., insurance, continuing education, code of ethics and complaints process
- increased maximum fines for violations of the Act
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