Who's Who in Real Estate
The businesses of real estate
The Alberta Real Estate Association (AREA) is the provincial, professional organization that represents the interests of more than 10,000 REALTORS® across the province. They provide strategic leadership and advance the Alberta real estate profession through member-centric advocacy, professional development and provincial services.
AREA also provides standardized forms and facilitates the development of provincial rules for all organized real estate professionals.
The Alberta Real Estate Foundation (AREF) was established in 1991 to enhance the real estate industry and benefit the people of Alberta. Created under the Real Estate Act after years of discussion between industry leaders and officials in the provincial government, the Foundation started making an impact right away by funding initiatives to help educate and train real estate professionals.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade Associations. They represent the interests of its members to the federal government and its agencies on existing or proposed legislation that will affect those members, and/or impact home ownership.
CREA owns the trademarks for REALTOR® and MLS® System, and is the operator of realtor.ca. Only when you are a member of CREA do you officially become a REALTOR®.
The Real Estate Council of Alberta (RECA) is the independent governing authority that sets, regulates and enforces standards for real estate brokerage, mortgage brokerage, property management and real estate appraisal professionals in Alberta.
RECA’s works to protect consumers and provide services which enhances the real estate industry and the business of industry professionals.
The Real Estate Insurance Exchange (REIX) is dedicated to providing financial protection to its subscribers by administering a cost effective mandatory program of Errors and Omissions Insurance.
The REIX premium is included in the relicensing fees through the Real Estate Council of Alberta (RECA).
The people of real estate
A real estate broker is a person who:
- Is licensed by RECA as a broker; and
- Operates a licensed and registered real estate brokerage.
Think of the brokerage as the business, and the broker as the head of that business. The broker is responsible for all of the activities of the brokerage, the associate brokers and all associates who are licensed with that brokerage.
A broker must be actively engaged in the management of the real estate brokerage and ensure that there is adequate level of supervision for associates and employees within the brokerage. They are also responsible for the activities of the associates registered with the brokerage.
An individual who holds the qualifications of a real estate broker; is licensed as an Associate Broker by the Real Estate Council of Alberta; is employed by or associated with a licensed real estate brokerage in Alberta and is registered with and approved to trade in real estate on behalf of that brokerage.
An individual who holds the qualifications of a real estate associate; is licensed as a real estate associate by the Real Estate Council of Alberta; is employed by or associated with a licensed real estate brokerage in Alberta and is registered with and approved to trade in real estate on behalf of that brokerage.
Assistants provide essential real estate support for REALTORS®, including:
- Accurately and confidently support real estate professionals with the day-to-day tasks and duties involved in the real estate transaction process; and
- Recognize the roles of the agent, broker, assistant and regulatory agencies, and their relationship with CREB® in maintaining an orderly framework for real estate activity.
You can make the jump into real estate with CREB®'s Real Estate Assistants course