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Value For Money Audit: Real Estate Council of Ontario

Author: 
Toronto Realty
Publication date:
December 2, 2022
Article Summary: 

The Auditor General of Ontario released a value-for-money audit on the Real Estate Council of Ontario (RECO), highlighting several areas of concern regarding consumer protection and operational effectiveness. The audit pointed out deficiencies in areas such as criminal background checks for registrants, exam integrity, brokerage inspections, monitoring of consumer deposits, and transparency in real estate transactions. Despite significant increases in revenue, RECO's effectiveness in protecting consumer interests during real estate transactions was called into question.

Keywords: 

Auditor General, value-for-money audit, Real Estate Council of Ontario (RECO), consumer protection, operational effectiveness, criminal background checks, exam integrity, brokerage inspections, consumer deposits, real estate transactions, Ontario Real Estate Association (OREA), industry practices, regulatory reforms.

Source Citation: 
Toronto Realty
Value For Money Audit: Real Estate Council of Ontario
December 2, 2022
https://torontorealtyblog.com/blog/value-for-money-audit-real-estate-council-of-ontario/
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