What is the primary role of the Real Estate Council of Ontario (RECO)?

The primary role of the Real Estate Council of Ontario (RECO) is to regulate the real estate sector in Ontario. This includes overseeing the conduct of real estate professionals and ensuring compliance with the Real Estate and Business Brokers Act, 2002. RECO is responsible for administering licensing, conducting investigations into complaints against real estate professionals, and promoting ethical conduct within the industry. Its focus is specifically on maintaining public trust in real estate transactions and ensuring that professionals adhere to the regulatory standards set forth in the legislation.

The other choices, while relevant to various aspects of the Ontario economy, do not fall within the jurisdiction of RECO. The construction industry is regulated by other bodies, separate from real estate operations. Initiatives to promote real estate investments are typically handled by economic development agencies rather than a regulatory body. Lastly, managing property tax assessments is the responsibility of municipal governments and specific assessment bodies, not RECO. This clear delineation of responsibilities underscores why regulating the real estate sector is the primary focus of RECO.