Real Estate Council of Alberta Fundamentals Practice Exam

What does the structure of real estate in Alberta NOT include?

1. Local real estate boards

2. Alberta real estate association

3. Federal real estate commission

4. Canadian real estate association

The correct answer is: Federal real estate commission

The structure of real estate in Alberta does not include a federal real estate commission because the regulation and oversight of real estate practices in Canada, including Alberta, are predominantly handled at the provincial level rather than federal. Each province has its own real estate regulatory bodies and associations, which are tailored to the specific needs and regulations of that jurisdiction. In Alberta, local real estate boards, the Alberta Real Estate Association, and the Canadian Real Estate Association play significant roles in the real estate framework by providing support, resources, and regulatory guidance to real estate professionals. These organizations facilitate local governance, establish standards, and promote professional development within the province. The federal government does not have a dedicated real estate commission; instead, it maintains broader financial and trade regulations that impact the real estate market indirectly. Therefore, the absence of a federal real estate commission is aligned with how real estate is structured and regulated in Alberta, emphasizing the importance of local and provincial governance in managing real estate practices.