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The Real Estate Amendment Act, 2019, enables the minister to appoint an administrator to oversee the functions of RECA and ensure continuation of regular operations while the government works to develop a new governance model for the regulator.
The role will also support the development and execution of a plan to address the recommendations of the KPMG review of RECA and help prepare the organization for the transition to a new council.
“The administrator is essential to stabilize and refocus the operations of RECA. It’s important that we work immediately to ensure Albertans can have confidence in the work of RECA and I am confident that Mr. Monea will be able to set us down this path. Mr. Monea will begin work immediately to restore the regulatory oversight that industry professionals, buyers and sellers in the real estate sector deserve.”
The appointment is an interim measure until a new governance model is established following further amendments to the Real Estate Act planned for spring 2020. RECA is responsible for all costs associated with the administrator role, including expenses.
During the interim period, RECA continues to provide day-to-day services related to real estate licensing, education and evaluation of professional conduct. No disruption in service to industry professionals or consumers is expected.
- RECA was established under the Real Estate Act as the regulator for Alberta’s real estate industry. The council has a mandate to protect consumers, establish and enforce professional standards and provide services to the real estate industry.
- The 2019 governance review by KPMG found the council of RECA was not governing effectively, affecting its regulatory role and the confidence of industry.
- The report’s key recommendations were to dismiss current council members, appoint an administrator, and consider legislative amendments to improve the RECA governance model.
- The Real Estate Amendment Act, 2019 was passed on Oct. 15, 2019 and received royal assent on Oct. 30, 2019.
- Effective with royal assent, the members of RECA’s governing board were dismissed.