What is RECO Responsible for in the Real Estate Industry?
What Does RECO Stand For?
RECO stands for the Real Estate Council of Ontario
What Does REBBA Stand For?
REBBA stands for The Real Estate and Business Brokers Act.
What are RECO and REBBA’s responsibilities in the real estate industry?
The Real Estate Council of Ontario (RECO) is responsible for administering the Real Estate and Business Broker Act, 2002 (REBBA) and associated regulations on behalf of the provincial government?
They protect the public’s interest by providing a safe and fair marketplace.
The organization is a not-for-profit corporation which was established in 1997*.
RECO (Real Estate Council of Ontario) and REBBA (Real Estate and Business Brokers Act) are both under the umbrella of the Ministry of Consumer Services. In other words Real Estate companies are under the magnifying glass of RECO. All Real Estate companies must follow the guidelines dictated by REBBA. Any kind of false advertising is a direct violation of the Act and RECO will penalize the company.