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RESIDENTIAL, PRE-CONSTRUCTION & COMMERCIAL

Serving Toronto & All of Ontario 

Call us today: 905-334-7676  

Email: ProsenseRealty@gmail.com

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Welcome to Agents Only resources at Prosense Realty. Please note that all brokers at Prosense Realty needs to follow the TRESA Act while performing their real estate trades. Below are your guideline to remain complaint with all the laws and brokerage guidelines.



Click on the links below for relevant sections:



TRESA 2002 - What you need to Know?

The Trust in Real Estate Services Act, 2002 (TRESA), is consumer protection legislation governing the conduct of real estate agents and brokerages trading in real estate in the province of Ontario. Phase-1 and Phase 2 has been implemented already. Phase-3 is coming soon.


What has been implemented so far?


PHASE 1 - COMPLETED OCTOBER 2020

The phase one implementation regulations permitted the use of Personal Real Estate Corporations (PREC). To date, there are over 10,000 REALTORS® in the province who have taken advantage of a PREC. In addition, the phase one regulations amended the Code of Ethics to permit the use of new terms to describe a salesperson and a broker. Per REBBA, a REALTOR® was either referred to as a real estate salespeople, real estate salesperson, or real estate broker. The amended Code now allows a REALTOR to be referred to as real estate agent or REALTOR®. The term REALTOR® or real estate agent is only allowed to be used by Canadian Real Estate Association (CREA) Members in good standing.


PHASE 2 - COMPLETED DECEMBER 2023

On July 26th, 2023, the Government of Ontario introduced their second phase of regulations addressing the following areas. TRESA officially replaced REBBA on December 1, 2023 when Phase 2 regulations came into effect.

  • Multiple and Designated Representation
  • Self-Represented Party
  • Sharing Contents of Offers
  • Written Agreements and Disclosures
  • New Consumer Information Guide
  • Code of Ethics
  • RECO's Discipline Process


PHASE 3 - REGULATORY WORK TO BEGIN SOON

OREA continues to look ahead to phase three of TRESA:

  • Regulations to support specialty certifications for REALTORS® and brokers
  • Improved continuing education
  • Rules for new administrative money penalties for black-and-white violations of the Code or other TRESA regulations
  • Updating RECO's registration process to reduce red tape for REALTORS®


 Here are some resources to support our agents in meeting their obligations under the legislation, including key changes that took effect December 1, 2023. Download our presentation below to learn more. 


DOWNLOAD TRESA PRESENTATION HERE


Below are other resources that you can use to learn about TRESA and stay up-to-date on new changes. 


´https://www.orea.com/advocacy/TRESA

´https://reco.on.ca/agents-and-brokerages/tresa-explained

´https://www.orea.com/standard-forms-clauses

´https://eregistration.torontomls.net/


FINTRAC - Anti Money Laundering 


 


It is the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) that requires financial institutions and real estate agents, among other professionals and services covered by the legislation, to obtain information about individuals and corporations who conduct financial transactions. These include depositing funds or buying and selling real estate. The Act also requires real estate agents to keep these identification records for five years.


Canada has had substantial anti-money laundering and terrorist financing legislation since 2001. Since then REALTORS® have had a legal responsibility in Canada’s efforts to combat money laundering and terrorist financing. In addition to these original legal requirements, REALTORS® must document personal information, including occupation, and proof of the identity of their client in each and every transaction. If the client is a corporation, REALTORS® must obtain official corporate documents, and the names of directors. 


REALTORS® may also ask additional questions if they have dealt with the client before. If the buyer or seller is in another city, REALTORS® must use an agent or “mandatary” to identify the buyer or seller or use other non face-to-face methods to ID the client.


REALTORS® are required to report cash transactions of $10,000 or more to FINTRAC and complete a report of all funds they receive.


The compliance requirements affect even a buyer or seller not using the services of a licensed real estate practitioner. If there is a real estate agent involved in the transaction, they are also required by law to verify that private buyer or seller’s information as well.


REALTORS® must also complete a record for ALL funds they receive during the real estate transaction, not just those of $10,000 or more.


PROSENSE REALTY is committed to fulfill all the FINTRAC requirements. Hence, we have created a comprehensive FINTRAC policy for our brokerage that all the brokers and agents have to adhere to. To help you understand, we have provided various guides, presentations, and Q&As. If you have any questions or concerns regarding any FINTRAC policy, please contact the compliance officer immediately. 


Compliance officer: Gurdeep Singh Saini

Contact Information: Call 416-892-9047 | Email prosenserealty@gmail.com




  ** FINTRAC QUIZ **  

If you have reviewed all the training material, Take the QUIZ HERE







​​​​​​​Forms Required - RECO Compliant

Welcome to Prosense Deals Page! As a dedicated and professional real estate brokerage, we understand the importance of transparency, efficiency, and compliance in every deal. To ensure a seamless experience for both our clients and agents, we have streamlined our processes through meticulous attention to detail. As you know TRESA has been implemented and it's our priority to stay compliance at all times.


We understand that navigating the myriad of forms required for each real estate deal can be a daunting task. That's why we've created this user-friendly webpage as your go-to resource for all the essential forms you'll need in your transactions. Below, you will see a list of documents that needs to be submitted for each type of deal which includes Residential and Commercial Sale, Purchase, lease etc. 


RESIDENTIAL DEALS


LISTING - SELLER/LANDLORD REPRESENTATION

  • Listing agreement (Freehold or Condo)
  • RECO's Information Guide
  • MLS Dataform (Note: not required for exclusive listing)
  • FINTRAC (must include client's Job Title and Employer)
  • Schedules A

BUYER/TENANT REPRESENTATION  

  • Buyer Representation / Tenant Representation
  • RECO's Information Guide
  • FINTRAC (must include client's Job Title and Employer)
  • Receipt of Funds (Firm Deals Only)
  • Schedules A

PURCHASE OR LEASE OFFER 

  • Form 801
  • Accepted Agreement of Purchase and Sale / Lease
  • All schedules, as part of the accepted offer
  • Waivers or Notice of Fulfillment, If any
  • Any accepted amendments 
  • Mutual Release (if deal falls through)
  • MLS Sold/Leased

Call the Broker of Record if you have any questions. 


RECO's Advertising Guidelines: A Quick Guide


Effective advertising is essential to your success in real estate, but it’s equally important to ensure that your ads align with provincial guidelines to avoid complaints or fines for misleading or inaccurate content. RECO’s advertising guidelines aim to protect consumers and help agents avoid common mistakes. By understanding and following these guidelines, you not only minimize risks but also foster trust with the public.

1. Truthfulness is Key

  • No Misleading Information: All advertising must be accurate and not misrepresent facts.

  • Avoid Exaggeration: Do not make claims you can’t back up. Stick to the facts about properties and services.

2. Proper Identification

  • Brokerage Name Display: Always clearly show your brokerage's registered name in all ads.

  • Personal Name: Use your full registered name as it appears on RECO records—no nicknames or abbreviations.

  • Title Usage: Clearly identify yourself by your title (e.g., Sales Representative, Broker) to avoid confusion.

3. No False Promises or Guarantees

  • Avoid Promises You Can’t Guarantee: Statements like “Sell your home in 30 days, or we’ll buy it!” are usually against RECO guidelines unless you can fulfill these offers.

  • Disclaimers: If you use specific claims, add disclaimers to clarify the conditions involved.

4. Display Clear and Accurate Prices

  • Pricing Transparency: Advertise the actual price or terms that buyers will encounter.

  • No Hidden Fees: Avoid language that could imply hidden charges or fees.

5. Don’t Advertise Other Brokerages’ Listings Without Permission

  • Permission Required: To advertise a property listed with another brokerage, get written consent from that brokerage first.

  • Transparency: Make it clear in your ad if a property is listed by another brokerage.

6. Social Media and Online Advertising Guidelines

  • Consistent Compliance: Everything you post on social media about your listings or services must follow RECO guidelines.

  • Clear Brokerage Identification: Always display your brokerage name in social media ads, just as you would in print or digital ads.

  • Third-Party Sites: If using platforms like Facebook, be mindful of maintaining the same standards for accuracy, professionalism, and truthfulness.

7. Specific Terms and Conditions in Ads

  • Clearly Explain Terms: If your ad includes terms like “limited time offer” or “exclusive deal,” make sure these terms are clear, and conditions are specified.

  • Avoid Fine Print Tricks: Don't hide critical information in fine print. Essential terms must be easy to read and understand.

8. Represent Properties Accurately

  • Don’t Alter Photos or Details: Editing photos or misrepresenting property details is a strict no. Display properties as they are.

  • Accurate Descriptions: Ensure the property descriptions are correct, including square footage, amenities, and neighborhood details.

9. Honesty in Personal Branding

  • Clear Distinction: Your advertising shouldn’t imply that you, as an individual, are the brokerage unless you truly are.

  • No Deceptive Phrasing: Avoid phrases that may mislead consumers into thinking you are the sole proprietor if you’re not.

10. Penalties for Non-Compliance

  • Risk of Disciplinary Action: Failing to comply with RECO’s advertising standards can result in fines or other penalties.

  • Stay Updated: RECO guidelines are periodically updated, so keep up with changes to avoid issues.


DOWNLOAD RECO GUIDES BELOW

Tips to Ensure Compliance

  • Review Regularly: Take a moment to review RECO’s latest guidelines before launching new advertising.

  • Ask Your Broker: If unsure, ask your brokerage’s compliance team or RECO itself for clarification.

  • Stay Informed: Attend training or updates on compliance offered by your brokerage or RECO to stay up-to-date.

Following these guidelines ensures you maintain trust, transparency, and professionalism in your real estate advertising, helping you build a solid reputation while avoiding unnecessary penalties. Happy advertising!



Prosense Realty, Brokerage

We Believe in Persistance

27B - 111 Zenway Blvd, Vaughan, Ontario, L4H3H9

prosenserealty@gmail.com

(416) 892-9047

(905) 334-7676

(905) 248-3048
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