http://www.nsrec.ns.ca/whoweare/commissionoverview.htm
The policy direction of the Nova Scotia Government and the goal of industry was to establish a model in Nova Scotia of self-regulation by the industry. This would be a model similar to that, which already existed, in other more traditional professions such as lawyers, doctors, and accountants. There was a desire to develop a more professional industry through education requirements, establishment of standards of conduct for industry members, and an effective investigative and enforcement process.
As indicated above, government and industry worked together to further advance professionalism in the business of industry members. Part of professionalism includes having industry-based programs designed to enhance consumer protection. In cases where industry members cause breach of trust or commit fraud and consumers suffer a financial loss, a mandatory program is in place to improve the ability of consumers to recover losses.
This approach is rare in North America. In all other Provinces and States, except Alberta, the regulatory responsibility is either entirely carried out by a government department, government agency or is shared between government and a delegated body. This latter model is referred to as "co-regulation". In these jurisdictions, the government retains the responsibility for setting the regulations, typically retains many of the functions of a Superintendent of Real Estate, conducts investigations and generally retains control.
The general policy direction of an independent, professional, self-regulatory model is established in sections 1-25 of the Real Estate Trading Act. Section 5 establishes the Commission as a corporation. In section 6, it states the Commission is not an agent of the Crown. Section 8 states the Commission has the authority to set By-Laws:
to protect consumers affected by the industry;
to set and enforce standards of conduct for the industry and the business of industry members in order to promote the integrity of the industry
to provide services that enhance and improve the industry
The Nova Scotia Real Estate Trading Act was created to replace and consolidate the Real Estate Brokers Act and the Real Estate Assurance Fund Act.
Legislative authority for the Act remains with the Minister, but the rules and standards for real estate brokers and salespeople, property managers and business brokers are to be determined by the Nova Scotia Real Estate Commission (NSREC), except for those matters specifically provided for by the Act. NSREC was established to set, administer and regulate rules for the real estate brokerage industry, in a manner that enhances and improves the industry and protects consumers affected by the industry.
The Real Estate Recovery Fund is not a separate legal entity, it is the responsibility of the NSREC. All industry members pay into this fund. It is continued and administered by the NSREC, with the same objectives and procedures established by the previous legislation. It was established to compensate consumers who suffer a financial loss as a result of fraud or breach of trust by an industry member in a trade in real estate.
Moving into a home is more than just unpacking boxes. You’ll have to devote your time and money to keeping it up.
New homes are just that – new construction, new foundations and new fittings. In Alberta, builders who are members of the New Home Warranty or National Home Warranty Program offer limited protection for homeowners for materials and workmanship. New appliances are covered by the manufacturer’s warranty, not the builder.
Resale homes equal increased maintenance, especially if the previous owners didn’t maintain it. It could be harder to match the existing materials and there may be a significant investment for a total refitting.
When you imagine yourself in your new home, you want to make sure the inside is something you can live with.
New homes are a blank canvas – literally! You can pick your paint colours, flooring, window coverings and cabinetry. You can customize details to your heart’s content or within your budget! Resale homes either grab you with their decor or get you imagining how your design stamp will look. Resale homes often include window-coverings, light fixtures and appliances, savings that may factor into your budget.
