Trust in Real Estate Services ACT (TRESA)

TRESA is replacing the Real Estate and Business Brokers Act(REBBA)

Buying or selling one’s home deserves the expertise of a REALTOR® with the highest professional standards. TRESA replaces REBBA, and makes Ontario a North American leader in professional standards for real estate professionals. Learn more about The Path to TRESA.

What's the Latest on TRESA?

REALTORS® across Ontario enter a new era of professionalism with the Trust in Real Estate Services Act (TRESA) Phase 2 regulations. Join REALTOR® and TRESA expert Ray Ferris to learn more about what these changes mean for Ontario REALTORS® and your business.

The following resources explain how to implement the changes:

Apply for the Trillium Homeowner Grant

Find out how you could receive up to $50,000 when you buy and sell in Ontario.

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TRESA and Standard Forms

The TRESA changes are effective as of December 1, 2023, and Members can view the 2024 Forms. The Standard Forms team has developed educational guidance, such as recorded webinars, supplemental files, and upcoming TRESA events.

OREA Standard Forms resources cover what Members need to know about TRESA timing, the effects TRESA will have on REALTORS’® day-to-day business, and the TRESA trading requirements and obligations.

Government Legislation and Regulations

On July 28th, 2023, the Government of Ontario introduced TRESA Phase 2 regulations, which includes:

What's Next

OREA continues to look ahead to phase three of TRESA. Some of the topics that we are looking to work with the Ontario government on include:

  • Regulations to support specialty certifications for REALTORS® and brokers
  • Improved continuing education
  • Rules for new administrative money penalties for black-and-white violations of the Code or other TRESA regulations
  • Updating RECO’s registration process to reduce red tape for REALTORS®

We will be pushing back against any cooling-off periods that allow a buyer to back out of a real estate transaction. The experience in British Columbia has shown that the only people benefiting from cooling-off periods are speculators who are flooding the market. A cooling-off period for resale homes in Ontario would be bad for both buyers and sellers.

Discover the Trillium Homeowner Grant

Find out how you could receive up to $50,000 when you buy and sell in Ontario.

Learn More

FAQS

MULTIPLE & DESIGNATED REPRESENTATION

Q1. How have my requirements changed when multiple representation might occur?
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Q2. What is designated representation?
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Q3. Why did OREA advocate for designated representation?
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Q4. Why is designated representation good for REALTORS® and consumers?
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Q5. Under designated representation, can I refer a buyer on my listing to someone within my brokerage to be their designated agent and collect a referral fee?
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SELF-REPRESENTED PARTY

Q1. Why is it better for consumers that there is a new term “self-represented party”, and the term “customer” was eliminated?
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Q2. How is an SRP different from a customer?
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Q3. If there is no representation agreement with an SRP, are they required to fill out anything at all?
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Q4. Can an SRP become a client?
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Q5. Is there a list of activities that are allowed to be provided as “assistance” to an SRP?
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Q6. Do the self-represented party documents need to be acknowledged or signed before a member is allowed to provide assistance to the self-represented party?
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Q7. Do all consumers who attend an open house have to decide to be an SRP or a client and be given the Information Guide?
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Q8. What if a buyer calls for information on my listing?
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Q9. Are we allowed to prepare an Agreement of Purchase and Sale for an SRP?
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Q10. Could a registrant receive remuneration for providing assistance to a self-represented party?
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Q11. What happens to existing customer agreements now that the rules have changed?
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Q12. Can we continue to send new listings in real time to buyers i.e., a drip campaign?
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COMPETING OFFERS

Q1. Do I need to obtain written directions from the seller to disclose the contents of competing offers?
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Q2. Can a buyer withdraw their offer if the seller chooses to share the contents of offers after their offer has been submitted?
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Q3. Does the seller have to give advance notice that they will be sharing the contents of offers?
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Q4. Does a Listing Agent need a written seller’s direction to move from a blind bidding process to sharing the contents of competing offers?
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Q5. Do buyers have to consent in advance to a seller sharing the substance of offers?
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Q6. When in a competing offer scenario, does the listing agent have to provide the details of what is being shared (i.e. price or terms) to the co-operating agents in writing?
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Q7. How can a co-operating agent be assured the information provided by the listing brokerage during a competing offer situation is accurate (i.e., highest price or offer with no conditions)?
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WRITTEN AGREEMENTS AND DISCLOSURES

Q1. How has TRESA changed the requirements for a written representation agreement?
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Q2. What are the new rules surrounding disclosures?
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Q3. What are common examples of disclosures?
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Q4. Is a text message or email sufficient for disclosures?
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Q5. At what point do disclosures have to be made?
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Q6. What if a co-operating agent doesn’t pass my seller’s disclosure on to their Buyer or get it acknowledged?
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CONSUMER INFORMATION GUIDE

Q1. What is the Information Guide and when do I have to provide it?representation agreement?
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Q2. Where does the information guide come from, and does it have to be acknowledged?
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CODE OF ETHICS

Q1. How has the Code of Ethics changed?
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RECO DISCIPLINE PROCESS

Q1. How has RECO’s discipline process changed?
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Q2. Why did the legislation give the regulator additional powers?
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STANDARD FORMS

Q1. If my buyer does not want the contents of their offer shared, is there a clause I can use to prevent this?
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Q2. As a listing brokerage, can I provide a copy of OREA Form 100 – Agreement of Purchase and Sale to a buyer who is self-represented so they can draft an offer?
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Q3. When listing the services to be provided under a representation agreement, does OREA’s Forms include any?
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Q4. If there is more than one designated representative on a listing agreement, are both required to sign?
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Q5. Is Form 209 – Seller’s Direction to Share Substance of Offers to be provided to co-operating brokerages once it is completed?
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Q6. Do the new Forms for acknowledgement and consent disclosure for multiple representation replace the Confirmation of Co-operation and Representation?
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TRESA - OTHER

Q1. Did the auctioneer exemption change on December 1, 2023?
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Q2. Why is TRESA important?
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Q3. When will the next phase of regulatory development start and what will be included?
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Q4. Can I now call myself a REALTOR® or real estate agent instead of a salesperson or broker?
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Discover the Trillium Homeowner Grant

Find Out How You Could Receive Up To $50,000 When You Buy And Sell In Ontario.

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Information Provided by Orea • Date modified: 2024-04-22

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