Trust in Real Estate Services Act (TRESA) 2002

Phase 2 legislative reforms came into effect December 1, 2023. The Real Estate and Business Brokers Act, 2002 (REBBA) will be renamed the Trust in Real Estate Services Act, 2002 (TRESA).

The reforms to the legislation bring important changes for consumers and those trading in real estate in Ontario.  Extensive training opportunities for agents and brokers are being offered through all levels of organized real estate including RECO, OREA and OREB as well as Royal LePage Team Realty.  TRESA updates will also be provided at all upcoming monthly office meetings so please plan to attend those meetings to keep informed of how this legislation is going to be implemented and how it will affect your real estate business.

 

TRESA Information Session Part 1 - Royal LePage Team Realty

TRESA Information Session Part 2 - Royal LePage Team Realty

Working with Self-represented parties (SRPS)

Working with Sellers

How to complete OREA form 320

Example | Schedule A- Listing Agreement

Example | Schedule A - Buyer Representation Agreement

Summary Of TRESA Changes

RECO:

TRESA 2002 brings important changes for both consumers and those trading in real estate in Ontario. Here is a high level summary of the key changes:

• Brokerages will be permitted to enter designated representation agreements with clients. (This decision will be made at the brokerage level).
• Clients and self-represented parties will continue, but customer relationships will be eliminated. This means that a party to a trade will be either a client or a self-represented party
• Sharing contents of offers will be permitted with the seller’s written direction.
• Adjustments to information and disclosure obligations to promote clarity in communication.
• A new RECO Information Guide will be shared by registrants with those they engage with.
• New powers and tools to help RECO operate more efficiently and focus its compliance and enforcement efforts where they are most effective.
• A revamped Code of Ethics that focuses on ethical obligations including provisions around conflicts of interest and confidentiality.
• Revisions to RECO’s Discipline Committee, composition and procedures.

The TRESA Explained section on RECO’s website is your go to resource for all things TRESA.  You should plan to visit the RECO website regularly to ensure aware of all the latest updates.

Click here for the mandatory RECO Information Guide.

      

OREA:

The Government of Ontario has officially introduced the second phase of TRESA regulations and the new legislation came into force on December 1, 2023.  You can visit the OREA Website  for more information as well as guidance on how REALTORS^® and brokerages will incorporate these changes into their businesses.

The Ontario Real Estate Association will have a key role to play in the implementation of TRESA.  Many of our most commonly used forms have been modified or updated to reflect the new TRESA requirements and several new forms have been added. Please visit the OREA members website to learn more about those changes.

OREA Standard forms Index HERE

OREA TRESA Information & Resources HERE

OREA FAQ Videos

OREA will likely be adding new FAQ videos so please visit their website at: https://www.orea.com/advocacy/TRESA-Phase-2-Updates for the latest videos.

OREB

Our local OREB is also offering special TRESA training sessions to OREB members on a regular basis. Visit the OREB Training Hub for specific details.