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.
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!
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
Watch a short video featuring highlights from our 2017 Symposium
The Manitoba REALTOR® Network Symposium will be held in the fall of 2018 at the historic, elegant Fort Garry Hotel in downtown Winnipeg. This high-calibre summit is the premiere event of Manitoba’s annual REALTOR® Week.
With engaging talks, presentations and panels, the half-day program provides a unique, non-partisan platform to discuss the ideas and opinions of some of the province’s most knowledgeable business leaders, experts, pundits, and members of the media.
“Panel discussions are the most interesting…”
Seating is limited, register today.
For more information about the 2018 MRN Symposium, please contact the Manitoba Real Estate Association at 204-772-0405.
For sponsorship opportunities, please contact:
Registration for RLE 2018 is now open!
Register today at: MREAOnlineEducation.myabsorb.com