Realty Business in Nova ScotiaThe realty business is organized through The Canadian Real Estate Association (CREA) and The Nova Scotia Association of Realtors (NSAR). In Nova Scotia you must be licensed to trade and the industry is administered by The Real Estate Commission under the real estate trading act. Licensed brokers or salespeople who are members of CREA and NSAR are know as realtors .Realtor is the licensed trademark of The Canadian Real Estate Association across Canada.
Realtors are required to pass a provincial examination and required to complete mandatory education requirements each year. By statue (Statue of Frauds) all contracts pertaining to real estate must be in writing to be legal and binding which moves a transaction outside the normal realm of contract law.
The realty business offers consumers considerable value as evidenced by the number of transactions recorded each year on MLS (Multiple Listing Service) MLS is the registered trademark of The Canadian Real Estate Association across Canada. This system organizes all the property information and makes it available for Realtors to work together to share information and co-operate in the listing and selling across Canada through local board members such as NSAR.
Not all real estate trades through the MLS system as some brokers may list and sell exclusively and not submit certain listings to the MLS system normally a decision made by the customer for a reduced commission or other reasons as decided by the customers. Although there is no way of knowing for sure the author would estimate 90% of transactions are brokered by Realtors on the MLS system.
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