Le Lézard
Classified in: Business
Subjects: LAW, LBR, POL, AVO

Real Estate Brokerage Act: The government is missing a tremendous opportunity to better protect the public



ÎLE-DES-SOEURS, QC, Oct. 6, 2017 /CNW Telbec/ - The Québec Federation of Real Estate Boards (QFREB) and the province's 13,000 real estate brokers welcome with certain reservations the amendments proposed yesterday by the Québec Minister of Finance under the bill on the regulation of the financial sector, which includes a review of the Real Estate Brokerage Act (REBA).

"In refusing to recognize that consulting services are an integral part of the definition of a brokerage transaction, the Minister is maintaining the double standards that exist between duly regulated real estate brokers and real estate coaches," explained Patrick Juanéda, President of the Québec Federation of Real Estate Boards. "As a result, he is missing a tremendous opportunity to better protect the public."

This decision by the government is described as shocking by the QFREB, especially given that real estate coaches are regulated in most Canadian provinces. In fact, for-sale-by-owner companies who hire coaches must ensure that they are licensed in real estate brokerage. Strangely, the Québec government refuses to subject them to the same rules.  

"Unlike real estate brokers, real estate coaches are not regulated, do not adhere to a professional code of conduct and cannot be held liable for errors, professional misconduct or bad advice that occur in the exercise of their functions," added Mr. Juanéda. "They act as real estate brokers, yet do not hold a licence, do not subscribe to professional insurance and do not contribute to an indemnity fund that protects consumers in the event of a problem."

The QFREB will conduct a more in-depth analysis of the proposed amendments. It will continue discussions with the government to defend the interests of real estate brokers and hopes that its demands will be heard so that the public will be better protected.

 

SOURCE Québec Federation of Real Estate Boards


These press releases may also interest you

at 19:44
Page Provence is recognized by Continental Who's Who as a Pinnacle Lifetime Member in the field of Real Estate in recognition of her role as Broker and Associate of Fisher Provence Realtors Inc. Established since 1984, Fisher Provence Realtors Inc....

at 19:44
Marcela Kane, JD is recognized by Continental Who's Who as a Pinnacle Lifetime Member in the field of Tax Services in recognition of her role as Director of Tax at Halliburton.          With its inception in 1919, Halliburton is, "one of the...

at 19:31
Caesars Entertainment Corporation , the world's most diversified gaming and entertainment company, broke ground today on their newest development ? CAESARS FORUM, a $375 million, 550,000 square-foot conference center in Las Vegas. Caesars...

at 19:30
SEATTLE, July 16, 2018 /PRNewswire-PRWeb/ -- Lindal Cedar Homes, the world's largest manufacturer of prefabricated post and beam kit homes, announced the promotion of Christina Lindal to executive vice president of the Company. Lindal, 32, will be...

at 19:15
After achieving record growth in the first half of 2018, Buyside has inked partnerships with nearly 40% of the REAL Trends Top 50 ranked brokerage firms. A pioneer in leveraging buyer data, Buyside represents a powerful new way for large brokerages...

at 19:15
RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Gogo, Inc. ("Gogo" or the "Company") securities between February 4, 2016 to July 27, 2017, inclusive (the "Class Period")....




News published on 6 october 2017 at 08:38 and distributed by: