What does REBBA mean in GOVERNMENTAL
REBBA is an abbreviation that stands for the Real Estate and Business Brokers Act in Ontario. This act provides comprehensive regulations and guidelines regarding real estate and business brokering activities within the province. It contains rules pertaining to qualifications, licensing, regulatory authority, consumer protection and education requirements for those individuals involved in conducting real estate or business brokerage services within the jurisdiction of Ontario. REBBA was established to ensure that all brokers, agents, and other related professionals provide quality customer service while maintaining a high level of integrity and professional standards.
REBBA meaning in Governmental in Governmental
REBBA mostly used in an acronym Governmental in Category Governmental that means Real Estate and Business Brokers Act (Ontario)
Shorthand: REBBA,
Full Form: Real Estate and Business Brokers Act (Ontario)
For more information of "Real Estate and Business Brokers Act (Ontario)", see the section below.
Essential Questions and Answers on Real Estate and Business Brokers Act (Ontario) in "GOVERNMENTAL»GOVERNMENTAL"
What is the Real Estate and Business Brokers Act (REBBA)?
The Real Estate and Business Brokers Act, 2002 (REBBA) is a governing body that regulates how real estate transactions in Ontario are conducted. REBBA ensures that brokers, salespersons, and brokerages work professionally, competently, honestly and fairly when dealing with their clients.
Who administers the REBBA?
The Real Estate Council of Ontario (RECO) is the organization responsible for administering REBBA. RECO works to protect the public by setting standards for registration and licensing for all real estate professionals in Ontario.
Is it mandatory to be registered with RECO in order to practice real estate in Ontario?
Yes, it is mandatory for anyone engaging in trading or leasing activities related to real estate to be registered with RECO under REBBA. It also applies to any advertising or publishing promotional material pertaining to those activities as well.
What services does RECO provide?
The main role of RECO is to protect consumers who are looking to purchase or sell residential real estate in Ontario. In addition, they provide services such as regulating licensees, education & training opportunities, administrative & investigative hearings, complaint resolution and consumer redress programs.
Do I need special qualifications or training in order to receive a license from RECO?
Yes – you must meet certain qualifications before being eligible for a license from RECO. These include completing an accredited course program approved by the Ministry of Government and Consumer Services, passing an examination offered by the Provincial Council office within two years prior to applying for registration under REBBA 2002 and more.
Is a license required if I choose only work as a salesperson under a broker?
Yes – all individuals wanting engage in trading or leasing activities related to real estate must be licensed either as brokers or salespersons, regardless if they are working independently or employed by another brokerage.
What kind of actions might result in having my license suspended/revoked?
Any violation of REBBA 2002 may lead your license being suspended/revoked temporarily or permanently depending on the nature of offence committed. Examples include failure to comply with fiduciary duties imposed under the act; practicing without proper insurance coverage; engaging misrepresentation etc..
Am I required disclose any information about myself when applying for a license through RECO?
Yes – applicants must provide valid forms of identification such as government issued photo ID card along with other personal information which includes but not limited proof of residency; academic certificates; consenting background checks etc..