I had an interesting exchange with a twitter follower recently about RECO (our regulatory body) and the difference between RECO and local real estate boards that I thought I would share (with his consent: he’s the one who suggested I post it on the blog!) Here we go:
Sorry that last post is so blurry – I had to take a snip of a screenshot to make it fit! Not your eyes at all!
So, to summarize, RECO — the Real Estate Council of Ontario –is our governing body, kind of like the Law Society in each province governs lawyers. The Ottawa Real Estate Board is different. They take responsibility for listings and making sure that MLS data is accurate. Their disciplinary proceedings where there are violations are not publicized, nor are the outcomes, and usually if an offence is proven (or admitted), there is a fine.
RECO has far more powers right up to search and seizure, and the real estate equivalent of disbarment. Their disciplinary decisions are published and the last 12 months of their rulings are posted on their website, complete with names and the penalties imposed.
My Twitter pal was not aware of any of this and suggested I post it up as a Q and A: hope you found it useful!