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Established July 1, 1988, the Saskatchewan Real Estate Commission is responsible for the regulation of Saskatchewan’s real estate industry. The Commission is mandated to protect consumers and to provide services that enhance and improve the industry and the business of industry members.
What does it do?
The Saskatchewan Real Estate Commission is charged with the responsibility of registering all real estate and property management brokerages, brokers, branch managers and salespeople. To maintain high professional standards, the Commission ensures that all mandatory education requirements are met.
For the overall enhancement of the industry, the Commission is empowered to develop specific projects for the educational benefit of all registrants within the province. The Commission undertakes to ensure that real estate and property management courses are kept up-to-date, to study and implement continuing education, to develop relevant seminars for all registrants and to produce brochures, manuals, newsletters, etc.
The Commission’s newsletter, The Register, is a communication vehicle that provides pertinent information to all registrants on Commission policies, bylaw changes, disciplinary action taken, legal matters that affect the industry, general information, etc.
From time-to-time, the Commission receives inquiries from the public and its registrants concerning the conduct of registrants. Through The Real Estate Act and the Commission Bylaws, the mechanism exists for the Commission to deal with these concerns. A review of the facts and circumstances of alleged violations is conducted by an investigator. These investigations are carried out in detail and recommendations are made to the Investigation Committee for the appropriate action (i.e. close the file as unfounded or move forward with substantiated violations). The Real Estate Act provides the opportunity for an appeal of any decision made by the Commission to the Superintendent of Real Estate and ultimately to the courts.
The Real Estate Act stipulates that all brokerages are required to maintain an interest bearing trust account for monies received in trust for a trade in real estate. It is the responsibility of each brokerage to ensure that interest accrued is remitted to the Commission at least semi-annually by the financial institution. The Commission conducts audits on these accounts to ensure compliance with the Act. Interest received by the Commission is used to promote continuing education for registrants and to sponsor, support and promote research.
The Real Estate Assurance Fund is designed to provide potential financial protection to the general public for claims that qualify. Money is collected by a levy assessed on every application for registration as a brokerage and for renewal as a brokerage. The Commission may direct the monies in the fund be paid to individuals who have obtained a judgement and, in the opinion of the Commission, are entitled to payment.
All registrants in the Province of Saskatchewan may use properly drafted forms for the purpose of trading in real estate. However, the Commission has specified certain forms that are mandatory. Mandatory forms guarantee a uniform level of service as registrants and the general public will use and be familiar with identical forms across the province.
Mandate:
The mandate of the Saskatchewan Real Estate Commission is as follows:
Registration: The Commission is charged with the responsibility of registering all real estate and property management brokerages, brokers, branch managers and salespeople.
Education: To maintain high professional standards, the Commission ensures that all mandatory educational requirements are met. To this end, the Commission has contracted to the Saskatchewan Real Estate Association to administer all pre-registration courses that allow salespeople to initially begin to trade in real estate and brokers to open their own company.
IBTA: The Real Estate Act stipulates that all brokerages are required to maintain an Interest Bearing Trust Account for monies received in trust for any trade in real estate. The Commission audits these accounts to ensure compliance. Interest received is used to promote continuing education for registrants and to sponsor, support and promote research.
Special Projects: For the overall enhancement of the industry, the Commission is empowered to develop specific projects relating to real estate matters and for educational purposes for all registrants within the province. This is made possible through the monies collected from interest earned through a brokerage's interest bearing trust account.
Investigations: The Commission is charged with investigating all complaints from within the industry and from the general public as well as handling any discipline through a hearing process as set out in the Act, Regulations and Bylaws.
REAF: The Real Estate Assurance Fund is designed to provide financial protection to the general public for claims that qualify. Individuals who have lost monies through a deposit that was not placed into a brokerage's interest bearing trust account may make application for recovery of the loss through the Real Estate Assurance Fund.
Mission Statement:
"To protect the public interest by ensuring that registrants act within a professional framework that promotes ethical conduct and integrity and strengthens consumer trust and confidence."
Vision Statement:
"To have earned consumer confidence and be recognized as a highly professional, self-regulating organization that is effective and efficient in establishing and maintaining high standards of practice in the real estate profession."