The Final Report Roadmap to a new REBBA

Its Here! Read the Final REBBA Review Report

OREA's released their final report "Road Map to a New REBBA". Download the full report today.

Road Map To A New Rebba

1. North American Leading Real Estate Standards

The Real Estate and Business Brokers Act, 2002 (REBBA), is the foundation of this profession’s business practices as well as the ethical standards which guide every interaction between consumers and registrants in Ontario.

Industry practices, business models and technology, which are common place today, did not exist when REBBA was drafted.

If REALTORS® are going to continue to be trusted professionals used by the overwhelming majority of Ontario home buyers and sellers, REBBA and its Code of Ethics must reflect the highest standards of consumer protection and a modern real estate marketplace.

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2. A NEW ENFORCEMENT And DISCIPLINE REGIME

The overwhelming majority of real estate registrants are hardworking professionals who help thousands of Ontarians every year achieve their dreams of owning a home.

Unfortunately, like all professions, there are a small number of individuals who act unethically, violating the trust of their clients and casting a negative light over the entire industry.

Ontario needs an enforcement regime that penalizes bad actors and kicks egregious off enders out of the profession.

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3. CREATING THE NEXT GENERATION OF REAL ESTATE PROFESSIONALS

Buying a home is the largest single investment that most families will ever make, and it is important that they have a well-trained, highly-educated real estate professional guiding them through the process.

When they were first introduced, REBBA and its Code of Ethics were cutting-edge pieces of industry regulation. But we’re falling behind because the education standards set by legislation, regulation and RECO are outdated.

So, what do we do?

Ensuring graduates are better prepared is a great start. We need to improve the practical training and mentoring they receive. And from there, every registrant should have consistent and strong professional development throughout their career.

Shaping the next generation of real estate professionals to meet the highest standards in North America requires bold action, so the timing of this report couldn’t be better. RECO is currently working with the new registration education provider NIIT Canada/Humber College to create the updated registration education curriculum.

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LICENSING OR REGISTRATION EDUCATION

CONTINUING EDUCATION

4. A STRONGER, CONFIDENT AND MORE TRANSPARENT RECO

As the administering authority of REBBA, RECO is entrusted by the Government of Ontario to maintain public confidence in the real estate industry through enforcement of the statute and its assorted regulations.

A stronger, confident, nimble and more transparent RECO is essential if Ontario is going to achieve its goal of being a North American leader in the real estate profession.

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5. ORGANIZED REAL ESTATE AND HIGHER EDUCATION

Professional development has and continues to be an important service at all levels of organized real estate (ORE). The goal to increase professionalism and support individual member success underpins the mission statement for each association.

Looking to the future, ORE is well positioned to support higher industry standards by taking a more active role in the professional development of its members.

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