Information Guide under TRESA

Information Science - UA Little Rock

An important new step with the TRSEA legislation is the preparation of a new Information Guide for Consumers, which will explain the Act, RECO, the role of the real estate agent and the Brokerage, all from a consumer’s point of view.

This is what the new section says:

“Information guide

13. (1) The registrar shall prepare an information guide and publish it on the administrative authority’s website. O. Reg. 357/22, s. 10.

(2) The information guide shall include the following information:

1.  An indication that a person may interact with a registrant,

i.  as a client under a representation agreement, or

ii.  as a self-represented party.

2.  A summary of the rights, obligations and duties set out in the Act and the regulations in respect of registrants, clients and self-represented parties.

3.  An explanation of the risks of being a self-represented party if a person chooses not to receive services, including representation, from a registrant.

4.  A statement advising a person contemplating being a self-represented party to seek independent professional advice.

5.  An indication that agreements with registrants may include terms related to termination of the agreement.

6.  Guidance in respect of remuneration arrangements in relation to a trade in real estate, including a description of remuneration arrangements that are permitted and prohibited for,

i.  a broker or salesperson, and

ii.  a brokerage.

7.  A caution that a brokerage is not permitted to represent more than one client in respect of the same trade in real estate unless the brokerage obtains the consent, in writing, of every client represented by the brokerage in respect of that trade.

8.  If a brokerage represents more than one client in respect of the same trade in real estate, an overview of,

i.  the obligations and duties that the brokerage owes to each client, and

ii.  the services that the brokerage would provide to each client.

9.  An explanation of how to file a complaint about the conduct of a broker or salesperson to,

i.  the brokerage that employs the broker or salesperson, and

ii.  the administrative authority.

10.  Any other information the registrar considers relevant in respect of the rights, obligations and duties set out in the Act or the regulations in respect of registrants, clients and self-represented parties. O. Reg. 357/22, s. 10.

(3) Before providing services or assistance to a person in relation to trading in real estate a registrant shall provide the person with a copy of the information guide or a link to the guide on the administrative authority’s website. O. Reg. 357/22, s. 10.

(4) Before providing services or assistance to a person in relation to a trade in real estate a broker or salesperson shall explain the contents of the information guide to the person. O. Reg. 357/22, s. 10.”

COMMENT

I would certainly expect that Working with a Realtor (WWR) will be gone.

There are only two ways to interact with a real estate agent, namely as:

  • A client, or
  • A self-represented party

The level of customer service is now gone.

Anyone who is self-represented is to be cautioned and advised to seek professional assistance. I strongly believe that they mean legal advice and not that of a psychiatrist.

There will be further information concerning agreements, termination of agreements and remuneration.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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