News Release Archive
NEWS RELEASE (CNS982) -->> BUSINESS AND CONSUMER
SERVICES--REAL ESTATE TRADING ACT
BUSINESS AND CONSUMER SERVICES--REAL ESTATE TRADING ACT
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The Nova Scotia government is enabling the province's real
estate industry to become self-regulating, a move that will
benefit real estate buyers and sellers, taxpayers and the
industry.
The Real Estate Trading Act, recently passed by the provincial
legislature, will empower the Nova Scotia real estate industry
to regulate itself, including the licensing and setting of
professional standards for its members.
"Right now, the taxpayers of Nova Scotia are subsidizing the
regulation of the real estate industry," Business and Consumer
Services Minister Sandy Jolly said. "The industry has been
asking government for some time now to allow it to regulate
itself, as is done in six other provinces."
Real estate sales persons are licensed by the Consumer and
Commercial Relations Division of Business and Consumer
Services. Division staff also investigate complaints and, if
necessary, conduct hearings into disciplinary matters. These
and other administrative matters will become the
responsibility of the Nova Scotia Real Estate Commission,
whose members will be appointed from government, the real
estate association and licensed sales persons.
The commission will also eliminate confusion and duplication
by creating a single point of contact for the public for real
estate issues, rather than the two that exist today: the Nova
Scotia Real Estate Association and government.
Ms. Jolly said the industry has shown it is ready for this
responsibility. "The Real Estate Brokers Licensing Act had not
kept pace with the changes in the industry, and Nova Scotia's
real estate professionals have made up for this by introducing
their own measures to protect buyers and sellers," she said.
For example, the Nova Scotia Real Estate Association has
established a code of ethics for sales persons and brokers.
Also, a potential buyer must sign a form indicating that he or
she consents to a sales person acting on behalf of both the
buyer and the seller. Both these items are not covered by
current legislation but are initiatives of Nova Scotia's real
estate professionals.
In 1994-95 the government held only five hearings involving
the province's 1,350 agents and brokers. Also, licensing
agents is a fairly routine matter once the applicant passes
the examination. "With this in mind, our staff and financial
resources could be put to better use protecting consumers
where it is really needed," the minister said. "The public
will still have representation on the new commission, just as
the public is represented on the self-governing bodies of the
legal and medical professions.
"This is another example of government getting out of a
business it shouldn't be in, and focusing our resources where
they are most needed," Ms. Jolly said. It costs the province
approximately $160,000 annually to administer the current
process, but it only takes in $50,000 in licensing fees.
Speaking on behalf of the industry, Marg Bowlen, president of
the Nova Scotia Real Estate Association, said realtors support
the legislation. "This is the most important regulatory change
in the past 40 years to effect the real estate business, both
for industry members and the public," she said.
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Contact: David MacNeil 902-424-2933
mfm Dec. 27, 1996 - 2:30 p.m.