Read on for answers about what will happen to the CREB^® board of directors, the CREB^® building and more.

For the most up-to-date information, including answers to all your FAQs, visit the AREA-CREB® consolidation Hub 

FAQ: What happens to CREB®’s board of directors?

If the vote on March 15 is carried, the board of directors will continue to manage the business and affairs of CREB^® until filing the articles of dissolution with Alberta Corporate Registries, sometime in December 2023.

In addition, the board of directors will be appointed to a new advisory body within AREA to oversee the interests of CREB^® members in the Foothills Region (the Council). This Council will be the Foothills Region premium services advisory body and will provide input on a smooth consolidation transition and will recommend to the AREA board of directors terms of reference for this Council to have a permanent governance role as an AREA standing committee. The terms of reference for the new Council are being developed and will be shared once they have been approved by the AREA board of directors.

FAQ: What happens to CREB®’s assets and reserve funds?

After the distribution of CREB®’s property and the discharge of CREB®’s liabilities, the CREB® reserve funds shall be distributed to all members of CREB® in advance of the dissolution of the organization in December 2023.

FAQ: What will happen to the CREB® building?

We know how important the CREB^® building is to our members, as it has long been a symbol of our value proposition.

We will grow this legacy under the new AREA and there will be no change or disruption to the building during the transition, but as we move to our new satellite service model, we hope to have the opportunity to list the building in a better market for the members to receive their value back from the building.

FAQ: What happens to the CREB® REALTOR® Community Foundation and the Critical Illness Benefit Society?

If the March 15 vote approves the dissolution of CREB^®, in advance of the filing of the articles of dissolution, the bylaws of the CREB^® Critical Illness Benefit Society (CIBS) and the CREB^® REALTOR^® Community Foundation (RCF) will require amendment to change the membership eligibility of CIBS and the RCF.

Additional revisions to the CIBS and RCF bylaws will be required throughout to change references from CREB^® to AREA. Special CIBS and RCF general meetings will be called later in 2023 to enable the transfer of the assets of these organizations to AREA for oversight under the new Council.

FAQ: Since CREB^® is a co-operative, don’t the assets have to go to charity at dissolution?

According to Section 106(2) of the Cooperatives Act (Alberta) the proceeds from the transfer of CREB^®’s assets can be returned to CREB^® members in the form of a membership refund in advance of dissolution.

While the Cooperatives Act (Alberta) does provide an option for the proceeds from the transfer of CREB®’s assets to go to charity immediately prior to dissolution, this is not required. Our legal counsel has confirmed that the CREB^® board of directors can approve a consolidation plan that results in the proceeds from the transfer of CREB^®’s assets being distributed to all CREB^® members.

Keep in mind that our CREB^® board of directors continue to be responsible for making these decisions with the best interests of CREB^®’s members at heart and thus, an Asset Purchase Agreement will be prepared and executed to transfer CREB^®’s assets to AREA for fair market value or in consideration of AREA assuming CREB^®’s liabilities.

FAQ: What will happen to CREB^® staff?

A robust people plan is being developed to welcome CREB® staff to the new team at AREA.

Its important to keep the consolidation conversation going, so head to the Hub and share any questions or comments you may have. We will work to respond to all questions as they emerge. 

We are constantly adding new FAQs so be sure to check back often.