Real Estate: How TRESA (Trust in Real Estate Services Act) Impacts You - with Special Guest, REALTOR – Ray Ferris

The MindShare Podcast

He is Chair of OREA’s Trust in Real Estate Services Act Regulations Task Force.
He is Broker of Record of Erie’s Edge Real Estate.
He is a Fellow of the Real Estate Institute (FRI) of Canada, a recipient of OREA’s “Cardarelli Legacy Award, and Past President of OREA in 2016.
He is also OREA’s “REALTOR® in Residence” responding to member questions about TRESA.
And he’s been at it for 28 years… so he knows what he’s talking about when it comes to all things real estate.
Joining me on this episode of the Mindshare podcast is Chair of OREA’s Trust in Real Estate Services Act Regulations Task Force, and Broker of Record – Realtor Ray Ferris.
4:13 *so when did this all start??
7:02 *what kind of changes should we anticipate for 2024?
11:38 *what is TRESA, and why has it been implemented?
12:58 *do we see this as a benefit to our industry, is it a benefit instead to the homebuyer/seller, is it both?
15:12 *what do we need to know about the new mandatory documentation including the Information Guide?
21:04 *what do I need to know about “self represented parties”?
25:54 *do I still owe them my fiduciary duty?
26:36 *is this smart option for buyers/sellers… what about us as Realtors… is this helpful?
29:12 *what are the main danger zones I need to know about as a REALTOR when someone chooses the SRP path… what can I absolutely not do?
31:51 *what about designated representation, can we break this down further… how does this change the whole multiple representation situation…what do we absolutely need to know?
34:53 *who benefits here?
39:56 *how does this impact teams?
45:32 *first - what do we need to know about the open offer process?
52:27 *next - where’s the benefit to a buyer/seller by taking this option?
57:14 *what advice should we provide our clients about this option
1:02:28 *what haven’t I asked you about, what haven’t we covered yet when it comes to TRESA?
1:03:01 *what should I do if I still don’t understand or have questions along the way?
1:05:38 *how do you know it's been a successful day for you?
1:06:49 *final words of wisdom
Thanks for tuning in to this episode of The MindShare PodCast with our special guest - Chair of OREA’s Trust in Real Estate Services Act Regulations Task Force, and Broker of Record – Realtor Ray Ferris, as we talked about - How TRESA (Trust in Real Estate Services Act) Impacts You.

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