Resources
REAL ESTATE ORGANIZATIONS
Associations of Real Estate
The Canadian Real Estate Association (CREA) is the National Association representing all REALTORS® in Canada. They represent the interests of REALTORS® to the federal government regarding policy and legislation as relates to home ownership and the real estate industry nationaly. CREA also owns the REALTOR® and MLS® trademarks and operate both WebForms and REALTOR.ca platforms.
The Alberta Real Estate Association (AREA) is the provincial voice of all REALTORS® in Alberta specifically. AREA represents the interests of more than +13,000 REALTORS® to the provincial government and regulator since legislation and regulation of real estate are provincial jurisdiction. AREA additionally provides high-level services and programs for members, and administers provically standard forms and high-value services and programs.
The local Boards/Associations are key stakeholders for AREA and engage with REALTORS® in regionally specific advocacy and services. Services provided at the local level include management of the MLS® system, lock box administration, and showing services. Since all real estate is local, the local board/association is the closest point of contact for REALTORS® on a daily basis.
Other Organizations
The Real Estate Council of Alberta (RECA) is the regulator appointed by the Real Estate Act to regulate and enforces standards for real estate, mortgage, condominium management licensing in Alberta.
RECA works to protect consumers by investigating and prosecuting fraud and malfeasance in the real estate industry, as well as providing Real Estate Act Rules guidance
The Real Estate Insurance Exchange (REIX) provides financial protection to all Real Estate Licensees in Alberta and Saskatchewan by administering a mandatory but cost effective program of Errors and Omissions Insurance.
The REIX premium is included in the relicensing fees collected through the Real Estate Council of Alberta (RECA) licensing process.
The Alberta Real Estate Foundation (AREF) was established in 1991 to enhance the real estate industry and benefit the people of Alberta. AREF is funded by the redirected interest earned on real estate brokerage trust accounts. Created under the Real Estate Act AREF funds initiatives to help real estate professionals and consumers through specific education and programs.
Positions in Real Estate
The broker is the legislated authority responsible for the proper legal operation of the brokerage. Each brokerage can have only one broker and that individual must ensure that there is adequate level of supervision for associates and employees within the brokerage. Every broker in Alberta must have the following qualifications befoire:
- Licensed to practice in all 4 sectors (Residential, Commercial, Rural, & Property Management)
- Successfully completed the broker coursework and passed the broker exam
- Have been licensed in real estate for a minimum of 2 years
An individual who holds all the same qualifications of a real estate broker, but is not presently registered as a broker.
Associate brokers ARE NOT a synonym for Assistant Broker, and most associate brokers do not operate in any managerial capacity in the brokerage.
An Associate broker is a licensee who functions as an associate but has the educational qualifications of a broker.
This is the vast majority of licensees in Alberta. An associate is an individual who has successfully completed the Fundamentals of Real Estate course and it’s exam, as well as at least one practice course (residential, commercial, rural, or property management).
All associates must be registered to a brokerage to gain authority to trade in real estate under the Real Estate Act.
Real Estate Licensing Timeline
Licensing Education
Courses can be completed online, at your pace, on your timeline (no deadline).
Real Estate Exam
Scheduling your real estate exam may take anywhere from a week to a month. This is all dependent on your availability and the testing center's (RECA) schedule.
Application Process
The application process can take from a week to two weeks depending how quickly RECA processes your application and background check.
Cost of becoming a REALTOR
in Alberta
Becoming a REALTOR® entails embarking on an entrepreneurial endeavor. Beyond the imperative acquisition of soft skills and a comprehensive understanding of real estate practices, one must also possess the financial means to initiate this business venture.
The following serves as a framework to facilitate the financial planning aspect of commencing your new enterprise. It is important to note that these costs are susceptible to alterations but can serve as a foundational reference point. Feel free to download your free copy!
Testing Tips and Tricks
The following provides a structured framework to aid in the preparation aspect of your test-taking journey. While these tips are subject to adaptation based on individual preferences, they offer a foundational guide to optimize your study approach. Download our complimentary guide now and elevate your test-taking experience to new heights!
Brokerage Interview Questions
- Interview real estate brokerages to find the right fit for you.
- Be sure you understand their fee structure, commission splits, and any additional fees. Find out what support and training they offer and what help you can expect from the broker, especially for your first transactions. Ask lots of questions.
- Consider what you want in a brokerage – one-on-one availability with the broker, training, mentorship, marketing assistance, office meetings, physical office space or an online/virtual structure, culture, etc. Find a broker whose offerings align with your needs and expectations.
Are You Ready?
