Code of Ethics
All licensed real estate agents, regardless of province, must adhere to laws and regulations specific to their profession, which are enforced at a provincial level. Some regulatory matters are dealt with federally, including advertising and competition matters.
All members of The Canadian Real Estate Association (CREA) must adhere a code of ethics. CREA’s REALTOR® Code is intended to define the high standard of performance the public has a right to expect from those licensed to display the REALTOR® trademark. The standards in the REALTOR® Code are divided into 3 sections – responsibilities of members to the public, to clients and customers, and to fellow REALTORS®. Enforcement of the Code is the responsibility of local real estate Boards and provincial Associations. Each Board and Association has policies and procedures in place for the investigation of complaints and handling of disciplinary proceedings. Complaints may originate from the public or members. Procedures followed in any investigation or hearing are comparable to those used by other professional bodies.
For the complete text of the REALTOR® Code, click here: http://www.crea.ca/code
Property Marketing Systems
In Canada the vast majority of properties are marketed through Board or Association MLS® Systems. An MLS® system is a member-to-member co-operative selling system that includes an inventory of listings of participating REALTOR® members, and ensures a certain level of accuracy of information, professionalism and co-operation amongst REALTOR® members to affect the purchase, sale and lease of real estate.. REALTORS ® are licensed real estate practitioners who are members of local real estate Boards, provincial Associations and The Canadian Real Estate Association.
Local real estate Boards and Associations operate MLS® systems, which cover virtually all areas of the country. There are a number of proprietary and third party systems used by the approximately 100 Boards and Associations operating in Canada. Many systems are Internet based, and include residential and commercial properties available for sale or lease.
Listing a property on a Board or Association MLS® System gives a seller access to a huge selling force, as all members of a Board which operates an MLS® system can show or sell their property.
The Canadian Real Estate Association owns the MLS® trademark and establishes the basic operating standards for Board and Association MLS® Systems. The Association also operates a national web site, REALTOR.ca, which is an advertising vehicle that displays a subset of the listing content found in Board MLS® Systems.. REALTOR.ca is a website that was developed to give international exposure to the commercial and residential listings of its members.