Who’s who in Manitoba real estate
Winnipeg Regional Real Estate Board
The Winnipeg Regional Real Estate Board represents over 2,400 REALTORS® and other real estate industry professionals active within Winnipeg and its Metropolitan Region. This professional association provides its Members with tools and services including essential market information, professional development sessions, networking opportunities, an effective industry voice and strong leadership to further their professional success.
To support its Members, the Winnipeg Regional Real Estate Board maintains the Multiple Listing Service® (MLS® System) database. This data is available to all REALTORS® in the Province of Manitoba (including the Brandon Area REALTORS® and the Manitoba Real Estate Association).
Winnipeg Regional Real Estate Board-owned publications such as the Winnipeg Regional Real Estate News and the Commercial Real Estate Magazine act as comprehensive information conduits between its Members and the general public.
Manitoba Real Estate Association (MREA)
The Manitoba Real Estate Association (MREA) leads over 2,600 Manitoba real estate professionals through education, professional standards, advocacy and related services for the benefit of organized real estate throughout Manitoba. They provide education to ensure Members maintain high industry standards, deliver training for becoming a real estate practitioner and protect consumers involved in real estate transactions.
Canadian Real Estate Association (CREA)
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations. They represent the interests of its Members to the federal government and its agencies on existing or proposed legislation that will affect those Members, and/or impact home ownership.
CREA owns the trademarks for REALTOR® and MLS®, and is the operator of REALTOR.ca. Only when you are a Member of CREA do you officially become a REALTOR®.
Manitoba Securities Commission (MSC)
The Manitoba Securities Commission (MSC), a division of the Manitoba Financial Services Agency, is an independent agency of the Government of Manitoba that protects investors and promotes fair and efficient capital markets throughout the province. The Real Estate Division is responsible for administering the Real Estate Brokers Act and the Mortgage Brokers Act. This division registers real estate brokers, salespersons and mortgage brokers, monitors brokers’ trust accounts and investigates complaints against real estate brokers, salespersons and mortgage brokers.
Real Estate Advisory Committee
Established by Manitoba Regulation 593/88 under the Real Estate Brokers Act, this committee recommends real estate projects to the MSC for funding from the interest the MSC receives from real estate brokers’ trust accounts.
Real Estate Advisory Council
The Real Estate Advisory Council is a non-statutory body established by the Manitoba Securities Commission (MSC) and the Manitoba Real Estate Association (MREA) to advise and make recommendations to the MSC and MREA on real estate issues; to consider mutually beneficial ideas, policies or legislative reform; and give advance notice of trends or developments in the real estate industry.
Real Estate Insurance Alliance (REIA)
Real estate registrants are required to have coverage for any losses that may arise from duties as a professional. Errors and omissions (E&O) liability insurance is the coverage for registrants in the trade of real estate. In Manitoba, this insurance is provided to REALTORS® under a program called the Real Estate Insurance Alliance (REIA).
Roles within Manitoba real estate
Broker (also known as Authorized Official — Manager)
A real estate broker is a person who is licensed by the Manitoba Securities Commission as an Authorized Official — Manager; and operates a licensed and registered real estate brokerage. A broker will have been a practicing licensed salesperson for a minimum of two years who undertakes additional education and training to gain increased licensing so as to create and/or lead a real estate business. The broker is responsible for all of the activities of the brokerage, the alternate brokers and all salespersons who are licensed with that brokerage. A broker must be actively engaged in the management of the real estate brokerage and ensure that there is an adequate level of supervision for associates and employees within the brokerage.
Alternate broker (also known as Authorized Official)
An alternate broker is a person who is licensed by the Manitoba Securities Commission as an Authorized Official. An alternate broker will have been a practicing licensed salesperson for a minimum of two years who undertakes additional education and training and is employed by or associated with a licensed real estate brokerage in Manitoba and is registered with and approved to trade in real estate on behalf of that brokerage.
Salesperson (also known as real estate agents)
An individual who holds the qualifications of a real estate salesperson; is licensed as a real estate salesperson by the Manitoba Securities Commission; is employed by or associated with a licensed real estate brokerage in Manitoba and is registered with and approved to trade in real estate on behalf of that brokerage.