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Coverage Under REIA’s Errors & Omissions Insurance Policy
From time to time, the question arises:
Am I covered under REIA’s (Real Estate Insurance Alliance of Canada Inc.) Errors & Omissions policy for performing an appraisal for a bank or other lending institution for lending purposes, whether or not I have charged a fee for this service?
To answer that question, one must refer to the Errors & Omissions Insurance Policy issued by Trisura Guarantee, which provides coverage for the members of MREA.
The policy states that it provides coverage for Insured members in the rendering or failure to render Professional Services for others.
It defines Professional Services in part as follows: Professional Services means the performance of services customary to a Licensed Real Estate Agent including Real Estate Appraisal Services, however Real Estate Appraisal Services does not include;
- An opinion provided for the purposes of financing, whether secured or unsecured or,
- An opinion provided by anyone with an Appraisal Institute of Canada or Canadian National Association of Real Estate Appraisers designation or,
- An opinion provided, other than for marketing purposes, in exchange for a fee or other form of remuneration.
In the final analysis, REALTORS® are limited by this coverage to provide only opinions of value for the purposes of establishing a listing price for properties they are marketing.
REALTORS® raise funds and a toast to their shelter foundation
The REALTOR® community got together over a glass of wine during #REALTORWEEK to raise funds for shelter-related charities at the annual MREA Win a Wine Cellar event.
In three hours, REALTORS® raised over $1,000 for the Manitoba Real Estate Association Shelter Foundation, which grants funds each year to shelter-related causes in Manitoba. Congratulations to Karen Machut from Royal LePage Dynamic Realty who won four cases of wine! Thanks to all who participated!
Manitoba Real Estate Association Shelter Foundation awards record number of grants in 2016
A Manitoba Real Estate Association Shelter Foundation grant will help foster a love of reading and build all-important English literacy skills for newcomer adults and children.
The Immigrant and Refugee Community Organization of Manitoba (IRCOM) is one of 11 grant funding recipients through the MREA Shelter Foundation in 2016, announced today during #REALTORWEEK. This is the largest number of grants awarded in any single year, so far. IRCOM will be developing a beautiful sunny space into a library at their new Isabel Street location. Learn more
Featured Events
2018 MRN Symposium
Forward Together: 2018 Manitoba REALTOR® Network Symposium
Please join Shirley Przybyl, 2018 President of the Manitoba Real Estate Association and Harry DeLeeuw, Chair of REALTOR® Week, andthe 2018 Manitoba REALTOR® Network Symposium: Forward Together.
This year’s dynamic, insightful and engaging symposium features the Honourable James Moore, Senior Business Advisor at the multinational law firm Dentons and a Public Policy Advisor at the global firm Edelman. He also serves as Chancellor of the University of Northern British Columbia, is the national vice-chair of the Canadian Cancer Society, a member of the NAFTA Council for the Government of Canada and a corporate director.
Previously, serving as Canada’s Minister of Industry, Minister of Canadian Heritage & Official Languages, and Secretary of State for the Asia Pacific Gateway and Minister for the 2010 Olympics. He was chair of the Cabinet Committee on Economic Prosperity and Vice Chair of the Operations and Social Affairs Cabinet Committees and served as the Senior Regional Minister for the province of British Columbia.
A Member of Parliament for 15 years, James is the youngest Member of Parliament and Cabinet Minister in British Columbia’s history, the youngest Regional Minister in Canadian history and the third youngest Cabinet Minister in Canadian history.
Perspectives on provincial politics will be offered by esteemed members of the media and a leading pollster and Manitoba economic leaders will engage in a Building Manitoba panel discussion.
Forward Together is a government relations symposium for REALTORS®, hosted by the Manitoba Real Estate Association. Held during REALTOR® Week, Forward Together promises to offer intriguing commentary and insight into public policy and provincial politics, and initiatives that build stronger Manitoba communities.
Seating is limited, register today.
Watch a short video featuring highlights from our 2017 Symposium
For more information about the 2018 MRN Symposium, please contact the Manitoba Real Estate Association at 204-772-0405.
For sponsorship opportunities, please contact:
Pamela Moat
Operations Coordinator
pmoat@mrea.mb.ca
RLE 2018
Registration for RLE 2018 is now open!
Watch an instructional video on how to register online:
Register today at: MREAOnlineEducation.myabsorb.com
