The Real Estate Trading Act (“the Act”) and the Real Estate Licensing Regulations (“the Regulations”) govern the licensing of real estate agents and salespersons and the regulation of trading in real estate in this province. The Act came into force in 1964 and, although there have been some changes to this legislation, there has not been a major update since that time.
At present, there are approximately 95 real estate agents/restricted real estate agents and approximately 665 salespersons/restricted salespersons licensed under the Act.
Why Review the Real Estate Trading Act?
With a view to enhancing consumer protection as outlined in the Provincial Government’s The Way Forward document, Service NL is committed to moving forward with the review of the Act.
At this time, we are seeking input on a number of key issues. To further guide participation, you may also wish to review the What We Heard document, which provides a synopsis of the issues and the responses from the previous consultation in 2012. We welcome any additional input on these issues. We also encourage groups and individuals to provide feedback on any area of concern regarding real estate trading for Service NL’s consideration during this review.
The Government of Newfoundland and Labrador would like to hear from residents and organizations on their suggestions for real estate trading in Newfoundland and Labrador. The purpose of this questionnaire is to obtain your views on what real estate trading could look like in this province.
The questionnaire is divided into six issues: trust deposits; conflict of interest; code of ethics; licensing requirements and education; bonding and insurance; and salespeople.
If you have any questions related to the questionnaire, require an alternate format, would like to meet with a Service NL official or wish to submit a separate written submission, please email [email protected].
We thank you in advance for your participation. The questionnaire will be available until 4:30 p.m. on March 2, 2018. Separate written submissions may be forwarded by email to [email protected], or through regular mail to:
Financial Services Regulation Division, Service NL
2nd Floor
Confederation Building, West Block
Prince Philip Drive
P.O. Box 8700
St. John’s, NL A1B 4J6
Please do not include your name or information that could identify you. This information is being collected for the purpose of obtaining your views on the Real Estate Trading Act. The authority for this collection comes from section 61(c) of the Access to Information and Protection of Privacy Act, 2015. For questions or enquiries in relation to privacy legislation, contact Ellen Haskell at [email protected].
