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Real estate transactions: Former Alberta realtor receives fine

The Real Estate Council of Alberta (RECA) is warning professionals to be wary of a former real estate broker who is offering to manage properties without being registered or licensed to do so. Any real estate transactions in Alberta of this manner need to be conducted by a licensed professional. The former female real estate broker offering these services is no longer licensed in the province and yet she is allegedly advertising her services as though she is. 

Consumers were charged for services they did not receive. The woman has been slapped with a $25,000 fine for unauthorized practice. Alberta residents can make sure the person with whom they're working on real estate issues is, in fact, authorized since those who are licensed are on public record. They can go to the RECA website and search under find a professional.

Many consumers don't realize that only a licensed real estate broker can accept payment for work related to real estate transactions and that includes property management. Salespeople aren't allowed to accept payment directly from consumers. When people use a licensed professional, they are protected from breach of trust and fraud under the consumer protection fund.

Issues related to real estate transactions in Alberta can be confusing for consumers. Most people aren't aware of the law. A lawyer can help to protect a consumer by answering any questions he or she may have before agreeing to work with anyone regarding real estate which includes property management. A lawyer may be able to save a client from financial disaster in these kinds of situations.

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