September 9th - 2005

Implementing the CREA Code is next step

A new Code of Ethics, designed by REALTORS, and governed by REALTORS, is set for implementation next year, following a strong vote of support for the Code at CREA’s spring Annual General Meeting.

A new Code of Ethics, designed by REALTORS, and governed by REALTORS, is set for implementation next year, following a strong vote of support for the Code at CREA’s spring Annual General Meeting.

The unanimous vote approved a new Code of Ethics, new Standards of Business Practice and three protocols that will govern implementation– for communication, education, and compliance.

“We look forward to entering into discussions with CREA concerning the bilateral agreement regarding implementation of the Code of Ethics,” OREA President Tamer Fahmi said. The Compliance Protocol will deal with compliance on a province by province basis. It may allow for the provincial regulator’s code, such as the RECO Code in Ontario, to take precedence in compliance and discipline matters. Tables of concordance are required as part of the bilateral agreement.

OREA will be working on tables of concordance as soon as the revised RECO Code of Ethics, currently under review with the draft REBBA regulations, is finalized and enacted. The Ontario Ministry of Government Services (formerly the Ministry of Consumer and Business Services), who is responsible for drafting the regulations to accompany REBBA 2002, aims to have them approved and effective by Spring 2006.

In due time, OREA will be developing some method of communication in order to assist its members in becoming familiar with the new CREA Code of Ethics and Standards of Business Practice.

The CREA Code also tries to make things clear in the formerly murky areas of trademarks and intellectual property rights. Changes made to the standards regarding trademarks, such as restricting the use of CREA’s trademarks without specific authorization, reflect their importance and ensure the boards have the ability to enforce proper use. Increased importance has also been placed on intellectual property rights, including databases.

President Fahmi, who served on the CREA Code of Ethics Task Force, complimented CREA on giving its Code of Ethics a much needed update, while at the same time working collectively with all provinces and territories to develop a workable new model that respects the unique needs of various jurisdictions.

The implementation date for the CREA Code is set for July 1, 2006.

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Ontario Real Estate Association

Jean-Adrien Delicano

Manager, Media Relations

JeanAdrienD@orea.com

416-445-9910 ext. 246

Ontario Real Estate Association
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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

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