Licensee Obligations Under the Real Estate Act Rules
Role of a Licensed Condominium Manager
Licensed condominium managers in Alberta must operate in accordance with the Real Estate Act Rules and the Condominium Property Act (CPA).
Their responsibilities include:
Acting in the best interests of the condominium corporation.
Ensuring compliance with all relevant legislation and regulations.
Providing accurate and timely financial and operational reports to the condominium board.
Enforcing condominium bylaws and rules fairly and consistently.
Disclosing any conflicts of interest to the condominium board.
Key Compliance Requirements Under the Real Estate Act Rules
According to the Real Estate Act Rules, A condominium manager must act in the best interests of the condominium corporation and ensure compliance with the Condominium Property Act and its regulations.
This means managers must:
Keep detailed financial records.
Facilitate board meetings and ensure decision-making follows legal procedures.
Provide proper disclosure of fees and expenses.
Handle funds in accordance with trust account requirements.
Assessing Licensee Compliance With Alberta Legislation
To ensure compliance with the CPA, REA, and Real Estate Act Rules, licensees should regularly assess their actions using the following criteria:
1. Compliance With the Condominium Property Act (CPA)
Does the manager follow proper procedures for financial reporting and record-keeping?
Are condominium corporation meetings conducted according to CPA requirements?
Does the manager ensure that bylaws and rules are properly enforced?
2. Compliance With the Real Estate Act (REA)
Does the licensee hold an active condominium management license?
Are all required disclosures provided to the condominium board and unit owners?
Does the licensee comply with RECA's professional conduct standards?
3. Compliance With the Real Estate Act Rules
Are trust accounts properly maintained?
Are service agreements between the manager and the condominium corporation legally compliant?
Does the manager follow ethical and professional standards?
Condominium Board Obligations and Registration Requirements Under the CPA
Role of the Condominium Board
The condominium board is responsible for governing the condominium corporation, ensuring compliance with the CPA, and protecting the interests of all unit owners.
Key Board Obligations Under the CPA
The board must:
Manage common property and assets – Ensure repairs, maintenance, and insurance coverage.
Set and collect condominium fees – Establish a budget and collect contributions from owners.
Hold meetings and maintain records – Conduct annual general meetings, special general meetings, and maintain proper documentation.
Enforce bylaws and rules – Apply condominium bylaws consistently and handle disputes fairly.
File annual returns – Ensure the condominium corporation remains in good standing with the Alberta Corporate Registry.
Registration Requirements for Condominium Corporations
Under the CPA, all condominium corporations must:
Be registered with Alberta Corporate Registry.
Maintain updated condominium plans and bylaws.
Ensure financial statements and reserve fund studies are completed as required.
Knowledge Check Questions
What is the primary responsibility of a condominium manager under the Real Estate Act Rules?
Name three key areas where licensees must ensure compliance under the CPA.
What are two essential registration requirements for a condominium corporation?
