Government to Fine-tune Real Estate Commission Legislation
SERVICE N.S./MUNICIPAL RELATIONS--Government to Fine-tune Real Estate Commission Legislation
Amendments to the Real Estate Trading Act were introduced in the legislature today by Service Nova Scotia and Municipal Relations Minister Angus MacIsaac. The changes, which were requested by the Nova Scotia Real Estate Commission, would clarify various roles, responsibilities and definitions in the act.
"The Real Estate Commission has been regulating the industry in Nova Scotia since 1997," said Mr. MacIsaac. "I believe these changes would help the commission to carry out its mandate more effectively, to better the real estate industry and to further protect the public."
Under the proposed changes, the commission would be recognized as a corporate entity, as similar organizations are now. This would limit the personal liability of directors and volunteers working for the commission. The amendments clarify that commissioners, the minister, the registrar and others administering the act would not be liable for actions taken in good faith.
"After more than four years of operation, we saw the need for some adjustment," said Richard Miller, chair of the Nova Scotia Real Estate Commission. "I am very pleased to see that the government is acting on our recommendations."
If the changes are passed, the commission will be able to apply directly to the Supreme Court of Nova Scotia for an injunction to stop anyone from violating the act or its regulations, including activities such as unlicensed trading. This would speed up the process of enforcing penalties in the act.
The amendments would give the commission the authority to make bylaws setting out standards for relationships between brokerages. For decades, real estate brokerages have been deemed to be working for the seller. In recent years, this has been changing right across North America, with the buyer now likely to have an agency relationship with a brokerage representing his or her interests. The commission will now be able to establish by- laws for its licensees that reflect this change in the industry.
Another proposed amendment would clarify that, except in specific situations, people working on behalf of the commission must keep information about licensees and licence applicants confidential.
The Real Estate Trading Act, passed in 1996, established the Nova Scotia Real Estate Commission. The agency regulates the real estate industry in the province.