Below you will find an item by item summary of RECO's TRESA video series combined with the notes from each section.
Customer Relationships
- Customer Relationships are no longer permitted under TRESA
- Under TRESA a person is either a Client or a Self Represented Party
- There is no equivalent to a Customer under TRESA
- There is no equivalent to a Customer Service Agreement under TRESA
What can registrants do for Self-Represented Parties?
- You can’t provide assistance to a self-represented buyer unless the seller is your client
- You can’t provide assistance to a self-represented seller unless the buyer is your client
- You can provide general information on the business of trading in real estate to any person
What kind of assistance is permitted for a Self-Represented Party?
- Assistance must meet the test of being a service, or incidental to a service, provided to your own client and as a service to your own client, and must be in the best interests of your client.
Examples of assistance is permitted to a SRP if representing a Seller
- If representing a seller, showing the property to a self-represented party would be a service to your seller client.
- Suggesting to a self-represented buyer that they consider viewing a similar property owned by someone else listed by your brokerage would not be in the best interest of your seller client.
Are all non-clients self-represented parties?
- No. A potential client, or consumer asking general questions about the real estate market is not a self-represented party. However, care must be taken not to create an implied representation agreement during interaction.
Can I show a property to a buyer who is self-represented?
- Yes, IF the seller is your client. This would be a service to your seller client.
- No, IF the seller is not your client, as this would be providing a service to the self-represented buyer. Services can only be provided to clients
Do I have to provide assistance to a self-represented party?
- Obligation depends on your representation agreement with your client and client’s lawful instructions.
- Must be careful not to create an implied client relationship.
Will there be an agreement with a self-represented party?
- No, you are not permitted to provide services to a self-represented party
What is the NEW RECO Information Guide?
- A guide to help consumers understand:
- Benefits of being a client of a registrant
- Duties and obligations registrants owe to clients
- Obligations of clients
- Risks in receiving assistance as a self-represented party from a registrant representing a client in the transaction
- Content of agreements with brokerages including remuneration arrangements.
- Multiple Representation details
- How to bring a concern to the attention of a brokerage or file a complaint with RECO.
When MUST a registrant provide the RECO Information Guide to a consumer?
- Guide must be provided BEFORE:
- Providing any services to a client
- Entering into an agreement with a client
- Any assistance is provided to a self-represented party.
RECO Information and Disclosure to Self-Represented Party form
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- Registrants are required to provide the form in addition to the guide to a Self-Represented Party
- Form is to ensure they understand:
- Risks of receiving assistance from a registrant who is protecting and promoting the best interests of their seller or buyer client.
- The limited nature of the assistance they can provide.
- That they should seek independent professional advice before proceeding.
- Registrants are to make best efforts to obtain an acknowledgement that the information and disclosure has been received. If signed, a copy must be provided to the self-represented party.
- RECO is working on a process to facilitate the electronic delivery of the form and acknowledgement of receipt along with a PDF version.
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Part 1
Part 2
CENTURY 21 United Realty Inc. Brokerage
INFO & SERVICES
387 George Street South
Peterborough, ON K9J 3E1
(705) 743-4444
15 Queen Street
Lakefield, ON K0L 2H0
(705) 651-4444
23 Front Street South
Campbellford, ON K0L 1L0
(705) 653-2100
30 Bridge Street South
Hastings, ON K0L 1Y0
(705) 930-2377
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