Unit 1-4: Regulations Flashcards
Public interest mandate
set and enforce standards and protect consumers
Self-regulation
Model that allows gov’t to delegate authority to representative body to oversee and regulate industry
Self-regulation framework
Traits of a profession: specialized knowledge and skills, duty of service to public, provide unique service
Agreement with gov’t to regulate professional’s activities
Mandate for governing body
set standards of practice to establish professional behaviour and conduct
set standards of education and experience
set continuing ed and competency
issue official docs
investigate and adjudicate complaints
Minister of Service AB
Represents prov gov’t in matters related to the Act
Accountability to Act
RECA must prepare and deliver annual report
Provide Minister with report on REAF
Minister can review conduct of council and take action as necessary
Self-regulation per RECA
Supports development of real estate, mortgage brokerage, appraisers through education, conduct standards, and consumer protection
Professionalism
Possessing specialized knowledge and follow standard of conduct
Components of self-regulation
Industry prof: adhere to stdrds of practice
Mindset/Attitude: accept need for governing body
Culture & ethics: welcome it
Compliance with rules: seek clarity, preserve personal rep & industry
Boundaries: know limits of expertise; make referrals
Client service: give time to clients; educate them
Accountability: admit mistakes, report to broker misconduct/disputes
Professionalism, respect: act ethically
Professional mindset
- Individual responsibility
- Accountable for conduct
- Vigilant to misconduct
- Committed to standards of practice
- Honest and transparent
- Communicate properly
- Remains current and adaptable
- Assists RECA to fulfill mandate
- Collaborate when possible
RECA & mandate
Founded 1996
protect consumers and provide services to enhance and improve industry, suppress mortgage fraud
Council:
Sets and enforces standards of contact
Provides services to improve industry
Administers the ACT
RECA mission
Build consumer trust and confidence:
1. set and enforce ethics standards
2. services to enhance industry
3. promote integrity
4. protect against mortgage fraud
RECA vision
serve public interest, protect consumers, be recognized as an impartial governing body, and ensure professional mindset practiced
RECA values and principles
- Accountability of professionals
- Public interest upheld
- Principles-based approach
- “Right touch” compliance and enforcement
- Professional support services
- Procedural fairness
- Quality education
- PD
- Transparent
- Stakeholder engagement
- Operational excellence
RECA philosophy
Regulatory balance re: AB culture, norms, and values; consumer choice; different business models; trust and confidence of consumers
Board of Directors and councils
Dec 1, 2020 Real Estate Amendment Act 2020 came into force
- new BOD for RECA
- 4 industry councils
BOD of RECA
3 members of public appointed by Minister of Service AB, and 4 licensees from each industry
- set strategic direction
- prevent fraud
- protect consumers
- administer Real Estate Act etc.
BOD appointed for 3 year terms (can serve 2 in a row)
RECA industry councils
Residential & prop mgr, commercial & prop mgr, and mortgage broker
- 2 public members each appointed by Minister
- Establish rules setting out licensee requirements
- rest same as BOD
- 3 years; 2 in a row
Responsibilities of Council
Establishes policies that guide RECA
1. Sets bylaws
2. Sets rules for professionals
3. Sets requirements for licenses
4. Administers Real Estate Assurance Fund (compensates consumers)
- Approves budget allocations
- Ensures stability and endurance
- Monitors RECA results & performance
Council and Exec Director
Model is strategic leadership and operations mgmt
Advance mission of RECA
Responsibilities of Exec Director
Chief Admin Officer of Council
Administers program for professionals
Manage public info services
Manage consumer complaints etc
Audits professionals
Administers enforcement proceedings
Responsibilities of RECA
Stdrds of practice
Registrar services
Industry education
Trust assurance and practice reviews
Prof conduct reviews
Prof conduct proceedings
Advisory services
Consumer info & protection
Standards of practice
Sets standards to conduct industry prof that promote integrity of industry & trust
Registrar services
setting license and registration eligibility requirements
develop and implement license and reg policies
reviewing first time applications
RECAs audit program
Called the Trust Assurance and Practice Review
Accounting and legislative requirements
- ID and resolve problems
- Develop record keeping
- Provide education and advice
Prof conduct reviews
To enforce standards of conduct, respond to complaints, acquires evidence
Prof conduct proceedings
Part of disciplinary process
- informs professionals of purpose
- provides guidance
- conducts reviews
- conducts hearings
Advisory services
Avail from Strategic Initiatives and External relations dept
Presentations
Projects
