RECO requirements for Competing Offers and Audits
The Real Estate Council of Ontario (RECO) is a self-managed, not-for-profit corporation, responsible for administering the Real Estate and Business Brokers Act, 2002 (REBBA 2002) and associated regulations on behalf of the provincial government and protecting the public interest through a fair, safe and informed marketplace.
While these regulations are for Ontario, all offices can take advantage of the features implemented in quick!Office Commander Front and Back Office. It is quite likely that other states and provinces have very similar regulations. We would like to hear from you if these features apply to you in a different state or province.
quick!Office Commander Front Office
RECO regulations state that "If a brokerage that has a seller as a client receives a competing written offer, the brokerage shall disclose the number of competing written offers to every person who is making one of the competing offers, but shall not disclose the substance of the competing offers."
Leading Edge Software enhanced quick!Office Commander to enable Real Estate offices to better monitor, track, and report on Offers Registered and Withdrawn in Version 3.47 - April 2008. In summary:
quick!Office Commander Back Office
RECO performs regular audits to ensure Real Estate offices are compliant with the Act with a view to protecting the public interest.
Any audit is a nerve-racking experience causing uneasiness and uncertainty about how well it will go. Of course, Commander's Trust Ledger Module offers strong audit trail functionality and comprehensive options allowing users to deposit, disburse, deposit GIC’s, disburse GIC’s, and reverse entries made in error. Leading Edge Software's quick!Office Back Office clients are assured that the details they need are easily found.
What the Auditor Wants to see
Print the following 3 reports to provide the information required:
Term Deposit/GIC and Monthly Trust Reconciliation reports can be exported to Excel to provide more information required by the Real Estate Council of Ontario. For example, Interest Liability, Interest Accrued monthly, Total Liability etc.
Please follow detailed instructions included in quick!Office Commander Back Office Help / F1 Help / RECO Real Estate Trust Bank Reconciliation. For your convenience, we also incorporated a link to the RECO Inspections: A Broker's Guide in case you want to review it.
quick!Office Commander Front and Back Office are registered trademarks of quick!Office Solutions. MS Word, Excel and Outlook are registered trademarks of Microsoft Corporation. QuickBooks is a registered trademark of Intuit Inc.
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