This Bill 70 replaces the old BROKERS ACT and will be called Real Estate Service Act or RESA for short.
We as Realtors will no longer be able to show you homes without a service agreement in place.
Service Agreements must be signed and submitted to our brokerage in order for us to provide you service. Much like a listing contract when you sell a home, now you must sign a Service Agreement giving us permission to provide you Real Estate Services.
This will impact how we as Realtors service our clients in order to provide you more transparency in who we represent as our primary clients. It is difficult for us to represent both parties as it is considered a conflict of interest. The way we conduct REAL ESTATE is entering a new era!
The role of The Manitoba Securities Commission as the regulator for companies and individuals in the business of providing real estate services is continued. Companies and individuals are required to be registered with the Commission.
The Commission and the person appointed as the registrar can take disciplinary action against a registrant if the registrant does not comply with the Bill's requirements, any regulatory requirements or conditions or restrictions of the registration. Included in the disciplinary action that may be taken are monetary penalties of up to $500,000. Similar disciplinary action may be taken against a person who, without being registered, provides a service that only a registrant may provide.
The Bill requires an online registry of registrant information to be available, including information about disciplinary actions. The former Act's provisions regulating the sale in Manitoba of subdivision lots outside the province are included in the Bill.
Regulations may be made by the Commission to regulate the real estate services industry, including regulations that require registrants in specified categories to comply with a code of conduct.
Bill 70 also includes consequential amendments to The Consumer Protection Act, The Mortgage Brokers Act and The Securities Act.
If you are calling a REALTOR to look at a home, do not be surprised if they ask you to sign a SERVICE AGREEMENT before they show it to you. Its now the law.
For more details on this new BILL
see the following:
