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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/


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