Services
Your REALTOR® will be able to provide you with a wide variety of services, to meet both your buying and selling needs. Whether through their own knowledge, or their professional networks, they can answer your questions, make the process as smooth as possible, and save you time and money.
As a home buyer, you can expect your REALTOR® to:
- Answer any and all questions about the buying process;
- Answer questions about the local market;
- Help you to clarify your list of needs and wants;
- Help you to set a realistic buying budget;
- Guide you through your local MLS® listings;
- Give you access to exclusive MLS® features not available to the general public;
- Preview properties, and find ones that are more likely to appeal to you;
- Make appointments, coordinate meetings, and arrange showings;
- Get additional information on properties that interest you;
- Connect you with other professionals like lenders, home inspectors, insurance experts, and lawyers;
- Help you to prepare an offer, and present the offer on your behalf;
- Help you with negotiations, and with some other legal requirements;
- Provide you with ongoing support and advice, even after your closing date.
As a home seller, you can expect your REALTOR® to:
- Answer any an all questions about the selling process;
- Give you objective advice, to help you set an asking price;
- List your property on the Multiple Listing Service (MLS®);
- Recommend small changes to make your property more appealing (home staging);
- Attract, and qualify potential buyers;
- Help you review and evaluate incoming offers, and provide helpful insight and advice;
- Help you prepare legal documents, including your response to offers;
- Negotiate with buyers, and finalize agreements;
- Provide you with ongoing support and advice, even after your closing date.
Ethics
The Canadian Real Estate Association (CREA)'s Code of Ethics and Standards of Business Practice has been the measure of professionalism in organized real estate for over 40 years. The first code was approved in 1913 at the convention of the National Association of Real Estate Boards held in Winnipeg. The first Code of Ethics specifically prepared for members of CREA was approved by members in 1959.
The Code establishes a standard of conduct, which in many respects exceeds basic legal requirements. This standard ensures that that the rights and interests of consumers of real estate services are protected. As a condition of membership, all REALTORS® agree to abide by the Code.
Some of the requirements of the Code include:
- REALTORS® must disclose in writing whom they are representing as an agent in the transaction. Parties to a transaction must be told what their agency relationship is to the REALTOR®.
- Definitions, terminology and presumed agency relationships vary from province to province. Most jurisdictions have their own forms for complying with disclosure requirements, which have been drafted to accommodate agency relationships as they exist in your province or territory.
- All financial arrangements between REALTORS® and others (e.g. referral fees, compensation from more than one party, rebates or profits on expenditures) must be fully disclosed to clients;
- REALTORS® cannot acquire an interest in property (either directly or indirectly) without disclosing the fact that they are real estate professionals;
- REALTORS® cannot use the terms of an agreement of purchase and sale to negotiate commission.
While the Code of Ethics establishes obligations that may be higher than those mandated by law, in any instance where the Code of Ethics and the law conflict, the obligations of the law must take precedence.
A REALTOR®'s ethical obligations are based on moral integrity, competent service to clients and customers, and dedication to the interest and welfare of the public. The Code has been amended many times to reflect changes in the real estate marketplace, the needs of property owners and the perceptions and values of society. For more than forty years, through a variety of updates, the CREA Code of Ethics is unchanged in demanding high standards of professional conduct to protect the interests of clients and customers and safeguard the rights of consumers of real estate services.
The complete REALTOR® code of ethics is available for download.
In addition to the code of ethics set forth by CREA, REALTORS® must also follow nine other sets of laws, by-laws, regulation, codes, and responsibilities.
- REALTOR® must follow the Federal Government laws & regulations in respect to real estate, its use & dispensation.
- REALTOR® must follow Provincial Government laws & regulations in respect to real estate, its use & dispensation.
- REALTOR® must follow local Municipal Government by-laws & regulations in respect to real estate, its use & dispensation.
- REALTOR® must follow the CREA (Canadian Real Estate Association) by-laws & regulations in respect to real estate, its use & dispensation.
- REALTOR® must follow the OREA (Ontario Real Estate Association) by-laws & regulations in respect to real estate, its use & dispensation.
- REALTOR® must follow local Real Estate Board by-laws & regulations in respect to real estate, its use & dispensation.
- REALTOR® must follow the RECO (Real Estate Council of Ontario) by-laws & regulations in respect to real estate, its use & dispensation.
- REALTOR® must follow the Code of Ethics as set out & regulated by REBBA (Real Estate Business & Brokers Act) regulations in respect to real estate, its use & dispensation.
- And last, but certainly not least, REALTOR® must follow fiduciary duties to their clients as set out in REBBA. These include: competence, confidentiality, disclosure, loyalty, accountability, and obedience to lawful instructions.
Education & Training
All REALTORS® undergo extensive training before they are able represent clients. REALTORS® also continue to upgrade their skills and knowledge even after they are licensed. REALTORS® are required to participate in courses, workshops and training sessions on a regular basis.
In general, REALTORS® receive training in the following areas:
- Legal requirements of buying and selling;
- Property types, features, and amenities;
- Offer negotiation, marketing, and sales;
- Insurance, home inspections, and financing;
- Structural, architectural, mechanical and electrical features of properties;
- Local market conditions;
- Ethics.
