Certificate of Title is a very important document, not only for Buyers/Sellers but for REALTORS® as well. Real Estate Agents have to work to-and-fro around Title Certificates for their clients in order to provide detailed information on the property which cannot be found through any other sources.
But many of the REALTORS® don’t know – How to Pull a Certificate of Titlein Alberta. If you are aspiring to be a Real Estate Agent, then this is something you really need to know.
As a REALTOR®, Certificate of Title is required every time we write an offer or when we want to find information about the property before we list the property. It is also a very important topic that you can expect on your real estate exams as well.
We are stressing around one thing here which is – Certificate of Title. But why? What exactly is a Certificate of Title? Why is the Certificate of Title so important for a real estate property? What does a REALTOR® get in a Certificate of Title?
This is where Alberta Real Estate School comes into the picture. Our Tutoring Sessions are the best way to learn the topics in detail. But for now, let’s understand a few terminologies here –
What is a Certificate of Title?
A Certificate of Title is a government issued certificate of ownershipof a piece of land that records detailed information about that particular piece of land such as legal description, municipal jurisdiction, ownership and registered interests.
Why is a Certificate of Title important?
Every parcel of land in Alberta is governed by theLand Titles Act and managed by The Land Titles Office. It is part of the Registry Services Division of Service Alberta responsible for housing all registered plans, titles, and documents relating to land and land rights in Alberta.
There are over 160 different types of documents and plans that can be registered against a certificate of title, and all must comply with current legislation, policies, and procedures before they are accepted for registration.
What Information does a Certificate of Title contain?
Current Registered Owners
The certificate of title will reflect the full names and addresses for service of the person(s) who own that particular property.
Type of Land Ownership
The certificate of title will also reflect the form of ownership of the parcel. In Alberta, there are 3 ways a property can be held – Sole Owner, Tenancy-in-common and Joint Tenancy.
Legal Description
A legal address is not the same as a municipal address. The official description of any land is used for legal purposes. Municipalities use Plan, Block and Lot No.for legal land descriptions.
Where can you find a Certificate of Title in Alberta?
SPIN is the land titles’ online database systemthat allows searches of a wide range of property related documents such as titles, plans, registered interests, historical titles, condominium bylaws. The online system is accessible 7 days a week.
This information can be very useful to REALTORS® as well as homeowners. Now, if you get any questions about pulling a Certificate of Title in Alberta, you know where to go!
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As of June 1st, 2022, RECA (Real Estate Council of Alberta) is divesting itself from offering Real Estate Education in Alberta. This has been a big news in the Alberta Real Estate Industry as RECA is the direct authority that regulates Real Estate / Mortgage Brokerage – Licensing, Education as well as License Renewal Services in Alberta.
The news started circulating in the market since January 2022 and has been unclear till date as to what is exactly happening and how will it affect the learners in the Real Estate / Mortgage Brokerage Industry. In reference to the same topic, there has been a buzz about the new“RECA-Recognized Course Providers”for Real Estate / Mortgage Brokerage Education in Alberta.
All of this is scary and confusing to many. Thus, the blog explains you the whole scenario with the reason of all this happening. Read on!
First of all, who is RECA?
TheReal Estate Council of Alberta (RECA) is the governing body for Alberta’s real estate brokerage, mortgage brokerage, property management, and (New) condominium management licenses.
In other words, RECA licenses and regulates real estate agents, mortgage brokers, property managers, and condominium managers to enhance consumer protection.
What were RECA’s original duties?
Licensed professionals have to meet RECA’s Eligibility Criteriato enter the industry. They’re required to comply with RECA’s rules for doing business along with competently assisting the public of Alberta in buying, selling, or managing a property or condominium, or obtaining a mortgage.
RECA primary role in the industry was to offer:
Education – Eligibility, Courses, Exams: RECA offered Eligibility guidelines for applicants in order to enter into Pre-licensing courses. Self-paced online pre-licensing course materials were offered by RECA. The pre-licensing exams were also under RECA’s administration.
Issuing, Renewing and Cancelling Licenses:RECA is the only body who is authorized to issue, renew or cancel licenses for real estate, mortgage brokerage, property management and condominium management professionals in Alberta.
Information & Resources: RECA is the one-stop shop for all the resources that you may need as a Real Estate / Mortgage Brokerage Professional or client.
Regulation of Bylaws: RECA sets and regulates the functionality of the industry standards and makes periodic checks on the professionals to ensure fair operations are taking place.
What has changed with RECA since June 1, 2022?
As of June 1, 2022, RECA has divested itself from offering Pre-Licensing Education Courses in Alberta.
It means that RECA has “given up the educational duties”for the Real Estate, Mortgage Brokerage and Property Management Industry in Alberta. However, RECA still continues to perform other duties pertaining to offering information and resources to industry professionals, regulation by-laws, maintaining smooth functioning of the same as well as issuing, renewing and cancelling licenses as before.
As a result of education divestment, RECA’s education department is now the “Credentialing Department” and the unit that assists learners is now “Credentialing Support Services”. A learner will still need tomeet RECA’s eligibility criteria in order to get pre-licensing education for real estate, mortgage brokerage, property management or condominium management.
Why RECA gave up Pre-Licensing Education?
Couple of years ago, KPMG (Klynveld Peat Marwick Goerdeler) did an audit on RECA and realized that education should be moved away from RECA and should be passed on to other educational institutions.
This created a need to amend the Real Estate Act (REA), Alberta, thereby changing RECA’s role in the Alberta Real Estate Industry to make it more robust and useful to the learners and other industry professionals. Visit the link ahead to get further details on the Amendments to the Alberta Real Estate Act.
The course content is still licensed by RECA. All courses and course providers become recognized by RECA if they pass the application process; Also, RECA’s content can be licensed but some course providers are creating their own materials. All recognized course providers must map their courses to RECA’s competency exam blueprints.
So, from where do you get Pre-Licensing Education Courses after June 1, 2022?
In order to get Pre-Licensing Courses for Real Estate, Mortgage Brokerage, Property Management or Condominium Management Licenses in Alberta, you have to register yourself withat least oneof the “RECA-Recognized Course Providers”.
These RECA-Recognized Course Providers are educational institutions across Alberta that have applied for various pre-licensing courses with RECA for different industries including real estate, mortgage brokerage, property management or condominium management.
Once the courses become recognized by RECA, they will be made available to learners. The process for our course materials to be recognized by RECA is still in-process and will be hopefully settled in a few months.
Tip for New Learners
The course materials offered by the various course providers will stick to RECA’s course competency exam blueprints. The exams for the courses will still be offered by RECA in the same format and approach, without making any major changes making it good for the learners.
Steps for becoming a Licensed REALTOR®, Mortgage Broker, Property Manager, Condo Manager in Alberta– After June 1, 2022
The way it would work from June 1, 2022 onwards is –
STEP 1: Register yourself with RECA by meeting RECA’s Eligibility Requirements. STEP 2:Select a RECA-Recognized Course Provider for the specific courses that you are interested in. STEP 3: Pass the required number of courses that you need for a specific license you are looking to get. STEP 4: Join a Brokerage – and that completes the process to get you licensed in any of the industries (real estate, mortgage brokerage, property management or condominium management).
Changes in total that are effective in the Alberta Real Estate Industry since June 1, 2022
RECA’s Education Divestment
Changes in the REA (Real Estate Act)
New Course Providers for Existing Pre-Licensing Courses
Benefits of RECA changes to New Learners & Licensees
Learners will have more options to explore and select the course providers that suits them and will not have to self-study everything by themselves.
All these course providers will be RECA-Recognized.
The base content of the courses offered by the RECA-Recognized course providers will be inline with RECA’s course competency and exam blueprints, making it reliable for learners.
Some course providers will also have the option of offering multiple training options including tutoring or in-person training, thereby making it beneficial for the learners.
Where to find more updates?
Some of these changes are still in-process and are functioning on an ongoing basis. More updates will be posted once there is a confirmation about the news from reliable sources. Keep in touch!
Need help with Exam Prep for Real Estate & Mortgage Brokerage Courses? Visit our YouTube Channel and watch a demo of our Tutoring Sessions!!
Real Estate is a big market that encompasses the many facets of a real property, including development, appraisal, marketing, selling, leasing, renting and many more. The Alberta Real Estate Industry is no different.
Anyone planning to know the process of or become a Real Estate Professional in Alberta, must learn about the important institutions and government authorities that are involved in the process. Let’s understand who’s who in the Alberta Real Estate Industry and what role does each of the member’s play.
Real Estate in Canada
In Canada, Real Estate Agents are represented at 3 levels:
Locally by their Board/Association
Provincially by their Provincial Association
Federally by the Canadian Real Estate Association (CREA)
Canadian Real Estate Association (CREA)
The Canadian Real Estate Association (CREA) is the Federal Canadian Real Estate Board and is one of Canada’s largest single-industry Associations. Our membership includes more than 150,000 Real Estate Brokers, Agents, and Salespeople, working through 78 Real Estate Boards and Associations across Canada.
REALTOR® – The Code
CREA has coined the two primary national trademarks for Real Estate Professionals in Canada – MLS® and REALTOR®. CREA protects and promotes the two trademarks with legal discrepancies.
Not just anyone can call themselves aREALTOR®. To do so, real estate professionals must either be direct members of their association or be members of both their local real estate board and CREA, depending on the province. As well, they must abide by the ethical standards laid out in the REALTOR® Code.
Assists Real Estate Agents to serve their clients better.
Enhances professionalism and ethics in the Canadian Real Estate Industry.
Produces accurate, up-to-date information and analysis on Canadian Real Estate.
Real Estate in Alberta
Alberta is a vast province with a number of territories, cities and towns that take up the land in Alberta.
Alberta Real Estate Association (AREA)
Alberta Real Estate Association (AREA) is the Professional Provincial Body of Real Estate in Alberta. It represents the interests and concerns of more than 11,000 Alberta REALTORS®, from the 10 Local Real Estate Boards/Associations. They provide strategic leadership and advancement in the Real Estate Profession in Alberta through member-centric services, advocacy, and professional development.
Real Estate Boards in Alberta
Alberta is a big province comprising of 19 cities, 2 urban service areas and 10 towns. Real Estate in Alberta is distributed among 10 Local Real Estate Boards that manage the Real Estate functioning in their own designated areas. Below is a detailed list with area specifications as shown in the Alberta Map.
The 10 Local Real Estate Boards of Alberta
Western Alberta– Alberta West REALTORS® Association (AWRA)
Central Alberta – Central Alberta REALTORS® Association (CARA)
South-Central Alberta – REALTORS® Association of South-Central Alberta (RASCA)
Real Estate Licensing Education is handled by the Real Estate Council of Alberta (RECA).
Real Estate Council of Alberta (RECA)
Real Estate Council of Alberta (RECA)is the governing authority for Real Estate Licensing in Alberta. It sets, regulates, and enforces standards for all branches of Real Estate, Property Management, Condominium Management, & Mortgage Brokerage licensees in Alberta. RECA is responsible for issuing, renewing and debarring licenses for Real Estate and Mortgage Brokerage Professionals in Alberta.
As of now, RECA is issuing licensing Education Courses for Real Estate and Mortgage Brokerage in Alberta. You have to get registered with RECA in order to apply for licensing courses for both the industries. They have set eligibility parameters based on documentation, education and English proficiency requirements that need to be fulfilled in order to be approved for the same. Once registered, they provide education materials through their myRECA.caportal.
International Education Assessment for Real Estate
If you have received international education or are an immigrant to Canada who wants to apply for Real Estate pre-licensing courses, then there are certain assessment institutions available. They are appointed and approved by the Canadian Government that help you to assess your international education as well as English language requirements.
RECA recommends using IQAS (International Qualification Assessment Service) by the Alberta Government. IQAS can assess international education of immigrants or international students who want to apply for Real Estate pre-licensing courses with RECA. For the convenience of its applicants, it coordinates the results with RECA without involving the applicants in the process.
ICES (International Credential Evaluation Service) is another credential evaluation service provider for international education of immigrants with English language assessment. It is an initiative by BCIT(British Columbia Institute of Technology) in British Columbia (BC), Canada. It is recommended by RECA if you did not English as a subject as well as the language of instruction in your high-school diploma equivalent institution in your home foreign country (any country other than Canada where the applicant has received his/her high school education).
Insurance for Real Estate Agents in Alberta
As Real Estate Agents, you have to take insurance for your real estate business and license. It is useful for us as Realtors® as it helps us protect our license against odds and unexpected events while performing real estate practice.
REIX (The Real Estate Insurance Exchange) is the one and only Real Estate Insurance Exchange for Real Estate Professionals in Alberta and Saskatchewan. It Provides Mandatory Professional Liability Insurance Coverage to all Real Estate Industry Professionals. Its participants are called “Subscribers”.
It offers the mandatory Errors and Omissions (E&O) Insurance Program. The premiums paid to REIX by the Real Estate Agents are used to pay the costs of defending claims and surplus funds are used to keep premiums low. REIX is a mandatory program which means that all real estate licensees in Alberta and Saskatchewan must be insured by them.
REIX provides cost-effective, financial protection for industry members in Alberta and Saskatchewan. They act on behalf of their subscribers to protect real estate professionals from losses that result from errors, omissions and negligent acts while performing their real estate duties.
Voluntary Foundation for Real Estate Agents in Alberta
AREF (Alberta Real Estate Foundation) A voluntary association for the Real Estate professionals of Alberta. It was created under the Real Estate Act to help educate and train Real Estate Professionals in Alberta.
It is the association who is responsible for creating the pre-licensing education for real estate courses in Alberta.
These are some of the important bodies of the Real Estate Industry in Alberta that you should know if you are planning to become a part of that industry. Hope this helps to draw an outline of the necessary institutions and learn about their basic features and responsibilities.
Now, it’s time for ARS – Alberta Real Estate School
Alberta Real Estate School helps youPass your Real Estate Licensing Exams on the first attempt!
Dower Act is one of the most important topics in real estate and is a crucial topic for someone who is looking to become a Real Estate Agent in Alberta.
Dower Act is the regulation by the Real Estate Board of Canada that safeguards the rights of the untitled spouse in a matrimonial home. Practically, Dower Consent is a section that you see in most Real Estate Agreements and Contracts. It gives the right to exercise dower act to the untitled spouse in a matrimonial home.
Let’s understand the concept of Dower Act and Dower Consent with reference to where we use it, how we use it and why we use it!
What is Dower Act?
We can define Dower Act as –
Dower Act protects the rights of the untitled spouse in a matrimonial home.
It means if there is one person on the title and that person is married, the rights of the other spouse that is not on the title will be protected with Dower Act. The titled spouse i.e., the person who is listed on the Certificate of Title of the property will not be able to dispose off the property. In other words, they will not be able to sell, mortgage, or lease the property without the consent of the untitled spouse.
Titled and Untitled Spouse
Titled and Untitled Spouse refers to married/common-law partners that are either titled in the property ownership document, otherwise known as the Certificate of Title.
When you are listed as an owner (or a co-owner) in the Certificate of Title, you are considered to be a Titled Spouse. AnUntitled Spouseis the one who is not listed as an owner or a co-owner in the Certificate of Title document.
In case of married or common law partners, either both or anyone can be on the certificate of title. The law requires at least one of the names to be listed on the certificate of title.
Dower Consent and Dower Release
Dower Consent and Dower Release options under the Dower Act that allows you to exercise your dower rights in a matrimonial home.
Both of the options are used in many of the Written Service Agreementsused in Real Estate transactions. The example shown in the video shows an example of a Seller Representation Agreement and a Purchase Contract where dower rights were exercised, and Dower Consent was used as there was only one owner in the Certificate of Title for the property.
Let’s understand the example again to see how the Dower Consent wasused in the Seller Representation Agreement as well as in the Purchase Agreement with the situation explained in the video.
Hope this helps you to understand the concept of Dower Act and the use of Dower Consent in Real Estate transactions.
