TRESA and Humber Courses

The Trust in Real Estate Services Act 2002 (TRESA 2002) replaced the Real Estate and Business Brokers Act 2002 (REBBA 2002) effective December 1, 2023.

For Current Students: According to Humber Polytechnic website, the changes to real estate courses will take place ‘at a later date’.

  • Students currently enrolled in salesperson courses will be notified when there are any changes to the topics covered in their courses.
  • Currently, the real estate students are provided with TRESA updates in Course 5: Getting Started.
  • MiniCram® will ensure that Study Notes and Practice Questions for each course are appropriately updated in a timely manner.

Humber College TRESA FAQ: https://humber.ca/realestate/news/tresa.html

As of writing of this page, Humber Polytechnic has not changed or updated the courses. According to their website, Learners should continue to study and learn current materials. Humber will notify learners when each course and associated examination will be updated with TRESA Phase 2 changes. To avoid any interruptions or complications to learner studies, notifications will also provide the exact date when each change is scheduled to come into effect. Until that time, learners should learn current course materials to prepare for their exams.

RECO Resources: RECO has several guides and bulletins available on its website.

What has Changed in TRESA?

According to RECO bulletins, the main focus of TRESA 2002 is consumer protection and more regulatory powers to RECO. Some major changes have been made to regulations related to Representation and Representation Rgreements. Furthermore, the Customer relationships and Customer Service Agreements are not permitted under TRESA.

Representation Under TRESA: The consumer is either a ‘Client’ of the brokerage or ‘Self-represented’.

RECO Information Guide (Working with a Real Estate Agent) must be provided to every person who wishes to receive services from the brokerage. This must be done before entering into an agreement.

Client: Only two forms of representation are permitted with clients. Clients and brokerages may enter into a Brokerage Representation Agreement or a Designated Representation Agreement. Both agreements are with the brokerage and not with a salesperson or broker.

Brokerage Representation: Under a Brokerage Representation Agreement, the brokerage and all its agents are bound by the same duties to the client, including representing the best interests of the brokerage’s client.

Designated Representation: Under a Designated Representation Agreement, the designated representative (Salesperson/Broker) identified in the agreement is responsible for representing the best interests of the client. The brokerage, and other agents employed by the brokerage, must treat the client in an objective and impartial manner.

Multiple Representation: When a brokerage has multiple clients in a trade and one of the clients is under a Brokerage Representation Agreement and the other client is under a Designated Representation Agreement, this is multiple representation.

Multiple Representation under Brokerage Representation: This may arise in the following two circumstances:

  • The brokerage has a seller client and one or more buyer clients in the same trade.
  • The brokerage represents more than one competing buyer in the same trade, even if the property is listed by a different brokerage.

Multiple Representation under Designated Representation: This may arise in the following two circumstances:

  • The same agent is the designated representative for a seller client and a buyer client in the same trade.
  • The same agent is the designated representative for more than one competing buyer in the same trade, even if the property is listed by a different brokerage.

No Multiple Representation: When the brokerage has multiple clients in the same trade, but each client is represented by a different designated representative, the designated representatives are able to continue to actively represent the interests of their respective clients. This is not multiple representation, and no disclosure or consent is required.

Self-Represented Party: A self-represented party, with respect to a trade in real estate, is a person who is not a client of a brokerage. A self-represented party is representing their own interests in the trade and is not receiving any services under an agreement with a brokerage.

  • Agents are prohibited from providing services, opinions, or advice to a self-represented party in respect of a trade, including an opinion or advice on the price, terms, or clauses to include in an offer.
  • The ‘Information and Disclosure to Self-Represented Party’ form must be provided to the self-represented party and acknowledgement must be obtained.
error: Content is protected !!