Important Bulletin for Businesses regarding Regulations under the Real Estate and Business Brokers Act, 2002
Regulations have been filed under the Real Estate and Business Brokers Act, 2002 , to come into force in March 31, 2006.
Businesses should review the new regulations, which are available online.
By filing the regulations now, the Ontario government offers businesses approximately five months to comply with the new regulations. The new standards support a strong economy and give businesses a level playing field on which to compete. Compliance with the new standards will help businesses to increase consumer satisfaction and remain competitive.
The new act significantly modernizes the regulatory regime for real estate brokers, brokerages and salespersons. Some of the changes include:
 Instituting a Code of Ethics
Clarifying disclosure rules regarding the deposit of trust monies
Increased powers of the Registrar to deal with misleading advertising
Increased maximum fines and penalties as a stronger deterrent to violation of the act
Stronger accountability under the law
The Registrar retains the authority to propose or deny an application for registration or renewal.
To review the regulations, visit the Government of Ontario e-Laws website .
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