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

10/06/17 08:38 AM EDT

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

Canada NewsWire

ÎLE-DES-SŒURS, 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

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