Real Estate MUST Know

There is an important fact we must all be aware of – with respect to either residential or commercial real estate agents or mortgage brokers.

If you are dealing with a real estate agent or a mortgage broker, that person needs a license under the Real Estate Act to trade in real estate or deal in mortgages.

So no matter if you are involved in residential or commercial real estate you have to ENSURE that the individual is licensed by RECA. RECA is the licensing and governing body for real estate, mortgage brokerage and real estate appraisal professionals in Alberta. Consumers can find out if an individual is licensed through RECA’s website at www.reca.ca – use the “searching for an Industry Professional” tool.

Licensed individuals must meet and maintain licensing requirements.

Among them, individuals must provide a Certified Criminal Record Check prior to licensing, complete comprehensive pre-licensing education and ongoing re-licensing education, and maintain errors and omissions insurance.