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- Voluntary and mandatory professional associations
Real Estate Councils
- Investigate improper behaviour
- Report to Superintendent
- Have power to suspend and cancel licence, dismiss complaint, reprimand and force education
Sales Procedures
- Governed by legislation
- Includes listing agreement, appraisal, advertising, disclosure, financial statements, records, commission, licensing, vicarious liability
Penalties for Breach of Provincial Legislation
- Discipline under provincial Real Estate Act
- Civil damages
- Criminal charges
Federal Regulation
The Competition Act
- Agreements in restraint of trade
- Bid-rigging
- Price maintenance
- Misleading and deceptive advertising
- Sales above advertised price
Professional Ethics & Voluntary Standards
CREA
- Code of Ethics
- Standards of Business Practice (provides guidance)
Examples of business standards:
- Duties to client: competence, follow client's instructions, discretion
- Duties to profession: include high standards of ethical conduct
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