Canadian Real Estate Association. Also known as CREA, is a corporation that comprises of members who oversee the real estate trend in Canada, provide analysis and regulate the construction and quality of houses in real estates all across Canada. This association was founded in the year 1943 at the time it was known as the Canadian Association of Real Estate Boards.
Members of this association are known as realtors meaning that they are provincial real estate members or belong to local real estate boards of the various provinces where real estate emergence is rampant in Canada.
How the Association works
An agent of a real estate might become a member of the local board within CREA dispatched in a certain area within the state. CREA is the body that manages the leading real estate websites in Canada and where any Canadian nationalist can visit to obtain some help and guidelines to help him/her choose a convenient place to obtain a home. Provincial associations manage local regional boards of CREA all of them working under CREA. These local boards are more than 100 in number and operate the MLS (Multiple Listing Services) for their market.
Realtor Canada Inc., a subsidiary of Canadian Real Estate Association, owns both the MLS and the Realtor trademarks. These locally dispatched boards operate a local database for real-time and effective communications under a licensing agreement with the national board/association.
Some property owners never engage the services of these realtors adequately but are required to hire one to help in listing their property on the Multiple Listing Service database. In such an instance where the property owner doesn’t feel engaging the services of a realtor fully, he/she is then left with the responsibility of ensuring the listing information is correct and will handle all transaction details directly.
In such a case, a commission might be paid by the seller to the buyer’s real estate agent, which is if the buyer employs the services of a real estate agent. Nearly all real estate transactions are carried out via MLS.
CREA has immensely grown improving and building one of its subsidiaries to a level it attained a capacity to break away from the association to work independently. The Greater Montreal Real Estate Board cut its services away from CREA with all its listings removed from CREA’s website so that it could work on its own.