A Brief History of TRESA
From OREA.com
On February 27, 2020, in front of an audience of nearly a thousand REALTORS® at the Ontario Real Estate Association’s REALiTY Conference and AGM, OREA President Sean Morrison announced, that the Ontario Government has passed the Trust in Real Estate Service Act, 2019 (TRESA).
“This is a huge win for our Realtor members, their clients, and hardworking Ontarians across the province,” said OREA President Sean Morrison. “Thanks to the Ford Government’s newly passed legislation, Ontario’s home buyers and sellers can have greater confidence that the Realtor at their side during the largest financial transaction of their life has the highest professional standards, training, and modern tools in North America, such as the ability to form personal real estate corporations.”
This act was pivotal in the Real Estate world, amending the previous, 18-year-old, Real Estate & Business Brokers Act, 2002 (REBBA).
Although we know it was a collaborative & collective effort by many key representatives & voices at the OREA Association Level, some leader’s names just come up each time. When we first heard Karen Cox speak at the recent Reality Event in Niagara Falls in 2020, we knew, we had a chance to make our dream of Personal Real Estate Corporations (PREC) come true.
Karen Cox also played an integral role in one of the most significant & long over-due laws ever passed affecting Real Estate Salespeople in Ontario. Royal Assent was received in March of 2020, and the Trust in Real Estate Services Act, 2020 (TRESA) replaced the Real Estate and Business Brokers Act (REBBA) This new legislation allows Real Estate Salespeople to incorporate and receive remuneration through their Personal Real Estate Corporations (PREC) And the great thing, TRESA now holds Real Estate Professionals to a much higher standard than ever.
For these reasons, Karen has been awarded the second-highest ranking for Trailblazers in Canadian Real Estate for her hard work and perseverance to fight for the amendment of the outdated REBBA to be replaced with TRESA.
Congratulations to our fearless leader!
