General Regulation under TRESA
There are some policies and procedures set out in the legislation which are new to Regulation 567/05 being the General Regulation, including a paragraph dealing with “Disclosures. Here’s what it says:
“Disclosures, etc.
2.2 (1) A disclosure, consent or acknowledgement required by the Act or the regulations shall be,
(a) written in plain language that is clear and concise; and
(b) presented in a manner that brings to the recipient’s attention the information that is required to be conveyed.
(2) A disclosure required by the Act or the regulations must be identified by the prominent placement of the word “disclosure” and provided to the recipient in writing.
(3) This section does not apply to,
(a) a disclosure that a registrant is required to make to the registrar; or
(b) a disclosure that a broker or salesperson is required to make to a brokerage.”
Comment
It is important to be aware that this provision applies to:
- Disclosures,
- Consents, and
- Acknowledgements.
All three must:
- Be clear, precise and written in plain language, and
- Bring the important information to the person’s attention
When dealing with a disclosure, that word must be prominent on the page.
The Regulations broaden the scope of the mandatory disclosures that are required, including some matters which would otherwise be contrary to an agent’s fiduciary duties at common law.
Brian Madigan LL.B., Broker