Upcoming TRESA Changes to the Humber College Real Estate Program
The Short Story: TRESA Phase 2 comes into effect December 1st, 2023. Humber College will be updating course materials in the coming months. Passit guides will be synced to align with each course update. Now is an optimum time to finish Course 1 and Course 2 to avoid transition headaches.
TRESA Phase 2 comes into effect December 1st, 2023. Humber College real estate course materials and exams will be changing with updates planned for the coming months. Although nothing has happened yet, important email updates from Humber will soon arrive in your inbox. Each course update will include an effective date, so you can adjust your study schedule as needed.
The new TRESA requirements enhance consumer protection and improve RECO’s regulatory powers. These changes will significantly impact your day-to-day activities as a registrant and are the most substantive updates to Ontario real estate legislation since REBBA 2002. Here is a very brief overview of several significant changes that come into force in December:
- REBBA (the Real Estate and Business Brokers Act) is renamed TRESA (Trust in Real Estate Services Act).
- There are no more customer relationships; all individuals are either clients or self-represented.
- A RECO Information Guide must be provided to all clients and self-represented parties prior to providing any services.
- Brokerages can use designated representation as an alternative to multiple representation in specific circumstances.
- There are new requirements for disclosures, consents and acknowledgements to ensure they are concise, written in plain language and readily understandable.
- RECO’s powers have expanded to improve compliance and enforcement.
- The Code of Ethics has been revised to focus on ethical obligations, with compliance specifics moved to the TRESA Regulations.
- The scope and authority of the Discipline Committee has been broadened.
Note: These are the most notable changes with the greatest impact. There are additional Phase 2 requirements not mentioned here.
How Will These Changes Impact You?
As a Humber College Real Estate Student:
There’s nothing to worry about right now. Changes will be announced by Humber in advance and Passit study guides will be in sync with these updates. We will ensure these changes are seamlessly integrated into your learning experience. As always, Passit study guides will be skillfully tailored to ensure that you have a stress-free study experience.
As a New Real Estate Salesperson:
These TRESA changes are important and will take time to learn and understand. As of October 2023, many details are still not available to existing registrants, including new and updated forms. Take comfort in knowing that you are not alone in this transition — every real estate salesperson and broker in Ontario (there are over 90,000) are sifting through these updates and learning how the changes impact their legal and ethical obligations. Take advantage of all available resources, especially RECO Updates and the TRESA Video Series. Once you are registered, you will also have access to:
- Info provided by your brokerage;
- RECO post-registration and/or continuing education (once it is updated); and
- Local real estate board resources and the OREA TRESA Hub (if you are a member of organized real estate).
What Do I Need To Do Now?
If you’re currently completing the Humber College Real Estate Salesperson Program, stay focused on current course materials. The course changes have not yet been finalized, so diving too far into TRESA updates will overload you with details that are not yet applicable.
Course 1 and Course 2 will be significantly impacted by these updates. Strategically, it is a great idea to finish these courses prior to the changeover. You still need to learn all about TRESA, but you can avoid some immediate stress and confusion that may result from navigating Humber’s course updates.
If you are nearly finished the Salesperson Program and will be registering with RECO in the near future, it’s a great idea to get up-to-speed on TRESA changes in your spare time. Use the existing resources available at RECO and OREA. Keep an eye out for important updates between now and the end of 2023.
As the changes approach, we will keep you updated with timely information to ensure that you’re well-prepared and confident. Not yet a Passit user? Get started with a Passit online study guide today.