On February 19, the Government of Ontario passed two amendments to Bill 145, the Trust in Real Estate Act (“TRESA”) at Committee that address two major concerns of REALTORS®: new regulations on advertising and reducing standard forms red tape.
New Regulations on Advertising, re: Salesperson and REALTOR®
First, OREA asked that the term “salesperson” in REBBA be replaced with the term that more accurately reflects the role that REALTORS® play when representing consumers during one of the most important financial decisions of their lives.
The Minister of Government and Consumer Services has committed to bringing forward a regulation to permit registrants to use the terms “REALTOR®” or “real estate agent” in their advertising to consumers. The Minister will amend this regulation to permit the use of REALTOR® or agent in addition to salesperson.
Reducing Standard Forms Red Tape
The second amendment clarifies that only specific forms enshrined in regulation may be approved by RECO. Every year, countless changes to Standard Forms are required to ensure that they accurately reflect the real estate landscape in the province. The Minister noted it is her preference that both OREA and RECO work together to strengthen buyer and seller representation agreements. This change will avoid additional red tape and ensure that necessary changes to OREA’s Standard Forms are made in a timely manner.
Please note that none of these changes have yet to be passed into law.
Next Steps:
The next steps for TRESA is a third reading back in the Legislature, final passage and proclamation. It is also important to note that most sections of the Act will require supporting regulations before they come into effect.
Great news!
In many jurisdictions I visit Realtors are identified as “Realtors”. As I am proud to be a Realtor I am very happy to hear this. Also, the public have always known us as agents so I think relizing this is also long over due.
Tx very much for all your efforts on this important update.
Finally the laws will imitate life! No longer will I inwardly cringe at virtually everyone calling reps ‘agents’. Congratulations
I’m surprised it’s got this far. While I agree we should be allowed to call ourselves “Realtors” (and that better serves the public), agents are a different thing. Legally, ‘agents’ are: An agent in commercial law (also referred to as a manager) is a person who is authorized to act on behalf of another (called the principal or client) to create a legal relationship with a third party.
As a realtor, we are not permitted to ‘create a legal agreement’ on behalf or buyers or sellers, we just act as intermediaries in the best interest of our clients. As sales people, we do have an agency agreement with our brokers that makes us ‘agents’ with them…but not with the public. We don’t have the authority to make a binding agreement on behalf of a buyer or seller that a true agent would have. I think the Lawyers need to have another look at this before it passes so the law can be changed to truly call ourselves ‘agents’.
So now I am totally confused. Notwithstanding that the public and some registrants misused the terms…I was taught that the word agent referred to the fact at the brokerage was responsible , and the only entity that could conduct business autonomously, and therefore”the agent”. I’m sure there was something about common law thrown in that explanation.
Secondly that crea has always preached that the term Realtor refers not to a profession/job but rather to being a member of the Canadian Real Estate Association. The reason for protecting the usage that way was so the term would not to lose its properties as a trademark. Someone needs to “splain” this to me.