Financial and Consumer Affairs Authority of Saskatchewan

FCAA is Saskatchewan’s financial and consumer marketplace regulator.

Consumers using Real Estate Agents and Property Managers

  • Consumers using Real Estate Agents and Property Managers

    Purchasing a home is the most significant purchase most people make in their lives. Whether buying or selling a property, it is important to be informed before undertaking such a large transaction. Real estate professionals can be a valuable resource when navigating the real estate market. Whether or not you consult a real estate professional, the more you know and understand the market, the more likely you will be satisfied with your transaction.

    For information about real estate agents select from the options below.

     

     

    Buying or selling property

    Entering the real estate market is a big decision. If you are thinking about hiring a real estate professional, it is important to understand your options.

    What is the difference between a real estate agent, a broker, and a REALTOR?

    Real estate agent: Real estate agents are registered with the Saskatchewan Real Estate Commission (SREC). A real estate agent must work for a real estate broker and cannot work independently.

    Real estate salesperson: Real estae salespersons are registrered with the Saskatchewan Real Estate Commission (SREC). A real estate salesperson must work for a real estate broker and cannot work independently.

    Real estate broker: Real estate brokers can work independently and/or hire real estate agents. Brokers are also registered with the SREC, but are held to higher standards of knowledge than real estate agents. Brokers are responsible for their agents' actions.

    REALTOR®: A REALTOR can be either a real estate broker or a real estate agent. The title is used by industry to indicate that the individualbelongs to the Canadian Real Estate Association (CREA) . It is not an official regisitration category.

    If you are using an agent to buy or sell property, make sure he or she is registered with the Saskatchewan Real Estate Commission (SREC). To check whether an agent is registered, visit the SREC’s registration search page. It is an offence under The Real Estate Act for a person to act as a real estate agent without an SREC registration.

    If an agent is representing both the buyer and seller in a transaction, the agent is required to inform you in writing. Ask your agent exactly how the situation will work.

    If you plan to buy or sell a house yourself, make sure you understand the risks involved.


    Real estate agent responsibilities

    Whenever you are working with a real estate agent, to buy or sell property, it is important to keep the agent’s responsibilities in mind:

    • All agents must be registered with the Saskatchewan Real Estate Commission (SREC). 
    • An agent representing you has an obligation to work on your behald and must deal fairly with all parties.
    • Agents are required to ensure that, whenever they prepare documents, people are given all of the important facts up front.
    • Agents with appropriate experience can provide opinions on the value of property, but require specific training to provide an official appraisal.
    • Agents must promptly present all written offers in an objective and unbiased manner.
    • Part-time agents must disclose their part-time status to clients.
    • Prior to obtaining an offer to purchase, agents must take reasonable steps to discover facts pertaining to the property to avoid error, misrepresentation, or concealing important facts.
    • Agents must use mandatory transaction forms.
    • Agents must not accept payment from more than one party in a transaction without first informing all parties involved in the transaction.

    Some helpful tips

    • Check your agent’s registration with the SREC. Make sure to look at the agent’s licence and photo and find out what type of property he or she is qualified to sell.
    • Be aware of any restrictions or orders that your agent may have been given. Disciplinary decisions and Cease and Desist Orders are published on the SREC website, on CanLII, and can be requested from the Commission.
    • If you have a problem with your agent, first contact his or her broker. If that does not resolve the issue, contact the SREC. Please refer to the Complaints & Investigations page in order to file a complaint.


    Filing a complaint

    Any person who has a complaint respecting a real estate salesperson or brokerage can contact the Saskatchewan Real Estate Commission (SREC) and fill out a complaint form. The SREC is responsible for investigating complaints and has the power to issue reprimands, cancel or suspend registrations, order members to pay fines or restitution, and order members to obtain treatment or further education.

    For more information about filing a complaint, please contact:

        Saskatchewan Real Estate Commission
        237 Robin Crescent
        Saskatoon, SK
        S7L 6M8
        Phone: (306) 374-5233
        Fax: (306) 373-2295

    If you have concerns with how SREC has handled your complaint, please contact:

        Superintendent of Real Estate
        Insurance and Real Estate Division
        Financial and Consumer Affairs Authority
        Suite 601, 1919 Saskatchewan Drive
        Regina, Saskatchewan S4P 4H2
        Phone: (306) 787-6700
        Fax: (306) 787-9006
        Email: fid@gov.sk.ca
     

    Find out if a real estate professional has been disciplined

    Be aware of any restrictions or orders that your agent may have been given. Disciplinary decisions and Cease and Desist Orders are published on the SREC website, on CanLII, and can be requested from the SREC.

     

    Saskatchewan real estate legislation

    The Real Estate Act regulates real estate agents and brokerages in Saskatchewan, as well as the purchase, sale, exchange, option, or lease of real estate, time-share plans, and property management agreements.

    The Superintendent of Real Estate is responsible for the general administration of The Act and works with the Saskatchewan Real Estate Commission (SREC) to regulate the entire real estate industry. The Superintendent approves all SREC bylaws and hears appeals from SREC disciplinary decisions.

    The SREC administers the licensing, education, and disciplinary functions for the real estate industry in the province. All brokerages, brokers, branch managers, and salespeople must be registered with the SREC.

    Insurance and Real Estate Division

    Suite 601, 1919 Saskatchewan Drive

    Regina, Saskatchewan S4P 4H2

    Tel: (306)787-6700

    Fax: (306)787-9006

    Email: fcaa@gov.sk.ca

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