Using a licensed industry professional protects you as a consumer. It’s that simple. Not only do licensed industry professionals have the education and experience to competently assist you in a transaction, but RECA also holds them accountable to ensure they meet the high standards of professionalism and behaviour set out in the legislation.
Hiring someone who isn’t licensed leaves consumers without important protections.
The Consumer Protection Fund protects consumers who use a licensed professional. The Fund compensates consumers who have suffered a financial loss due to fraud, breach of trust, or failure to account for money held in trust. This applies to consumers with their own licensed professional and to licensed professionals working for the opposite side in a transaction.
Licensed professionals must complete rigorous pre-licensing education before applying for a licence from RECA. They also need to complete regular re-licensing education in order to renew their licence.