BILL 145 – the Trust in Real Estate Services Act, 2019 (“TRESA”)
Lisa Thompson, Minister of Government and Consumer Services recently wrote a letter to Chief Executive Officer at OREA, Tim Hudak in response to the proposed amendments to Bill 145.
The existing Code of Ethics regulation (o.Reg. 580/05) under the ACT sets out alternative terms that can be used for advertising purposes by salespersons, brokers and brokerages. Ms. Thompson suggested expanding the advertising requirement in section 36 to allow real estate professionals to use the terms “realtor” or “real estate agent” for purposes of advertising.
In an effort to include the industry on these changes, she will be seeking input along with the consultation on the new incorporation regulations for both to be in effect by July 1, 2020, should the Bill pass.
For more information click Bill 145, Trust in Real Estate Services Act, 2020