In followup to my blog of May 4, 2020 “Restrictions Placed on Short-term Accommodation During Emergency Period“…
The government addressed a potential overlap between two sets of legislation by making it clear that short-term accommodation rental properties are captured under the Travel Industry Act, 2002 (TIA), but introducing an exemption for real estate brokerages, brokers and salespersons under the Real Estate Brokers and Business Act, 2002 (REBBA).
The exemption, which comes into effect December 1, 2020, reflects the way TICO and RECO had been applying the legislation as it relates exclusively to short-term accommodation rentals.
RECO registrants (real estate salesperson’s and brokers) are permitted to trade in short-term accommodation rental properties on behalf of the brokerage that employs the broker or salesperson.
- The exemption applies only to trades in short-term accommodation rental properties that are made through the registered brokerage.
- If a registered broker or salesperson trades in short-term accommodation rentals as a side business that is not accounted for and/or otherwise captured by the registered brokerage, he/she would not qualify for the exemption and would need to register under TIA.
For more information, please see the Registrar’s Bulletin.