What is a real estate “brokerage”?
The brokerage is the legal entity that is authorized to trade in real estate by the Real Estate Council of Alberta (the governing body for the real estate industry). The brokerage employs or otherwise engages the services of associates who represent the brokerage to the client. Although clients most often deal only with their particular associate, the brokerage is actually the agent of the client. This is why individual industry members are now called real estate “associates” instead of real estate “agents”.
If you become a client of a real estate brokerage, then that brokerage becomes your agent. As your agent, the brokerage (and, by extension, its associates) have important legal duties to you. Some of these duties are set out in legislation and some of them are founded in common law. These legal duties are based on one key concept – your agent must act in your best interests at all times. For more information about the nature of these legal duties, please contact us and we can provide you with a document entitled “Agency Relationships Guide”.