Alberta Real Estate Association and Real Estate Council of Alberta Reach $900,000 Settlement Agreement

CALGARY, AB, Dec. 19, 2023 /CNW/ - The Alberta Real Estate Association (AREA) is pleased to announce a settlement to the ongoing legal disputes with the Real Estate Council of Alberta (RECA). RECA's Board of Directors has agreed to pay AREA a sum of $900,000.

Throughout the process, AREA remained committed to upholding the best interests of its members while attempting to maintain a constructive relationship with RECA. AREA continues to advocate for the integrity and professionalism of Alberta's real estate industry.

AREA is pleased that RECA has agreed to this settlement, thereby allowing both parties to put these matters to rest. This resolution marks a significant step towards a future where both organizations can operate with mutual respect and professionalism. AREA extends its gratitude to its members for their continued support and dedication throughout this process.

Below is AREA and RECA's joint statement, which highlights the resolution of the disputes.

The Real Estate Council of Alberta (RECA) and the Alberta Real Estate Association (AREA) have reached a mutually agreeable settlement for all outstanding judicial proceedings between them. The settlement is expressly agreed to without any acknowledgement of liability. All parties have agreed to the terms of the arrangement to avoid the significant legal and administrative expenses which would otherwise be borne by RECA licensees and AREA members if those matters were to proceed through the courts.

The no-fault agreement also ends the claim by and against former RECA council member Robyn Moser as well as any concerns or claims that RECA contractually interfered with AREA.

"I am pleased this $900,000 no-fault agreement resolves matters stemming from difficulties between RECA's previous council and AREA," added Elan MacDonald, RECA Chair. "RECA wanted to ensure we would move forward with the best interest of the industry in mind. I look forward to a constructive relationship as RECA pursues its mandate to protect consumers within a healthy self-regulating profession."

"We are glad to put these contentious issues behind us and to focus on building a positive relationship with RECA in the interest of AREA's members," said David P. Brown, AREA Chair. "We recognize and support RECA's work, setting and enforcing rules for the real estate industry."

RECA is the independent governing authority that sets, regulates and enforces standards for residential real estate, commercial real estate, property management, condominium management and mortgage brokerage licensees in Alberta.

AREA is a not-for-profit professional association that represents the interests and concerns of more than 13,000 Alberta REALTORS® from 10 local real estate Boards/Associations, focusing on member-centric services, advocacy and professional development.

SOURCE Alberta Real Estate Association