BCREA Prepares Recommendations for Province's Review of Managing Brokers

BCREA is preparing a response to the Office of the Superintendent of Real Estate (OSRE), in light of its recent discussion paper, Reframing the Role of Managing Brokers in BC.

BCREA's response will provide evidence-based insights and industry-focused recommendations and context to the review process and will be based partly on feedback from and consultation with the province's 23,000+ REALTORS®.

If you are a REALTOR® in BC, fill out this survey by November 29 to have your input anonymously considered for BCREA's submission.

About OSRE's discussion paper
The paper, which outlines potential short and medium-term actions and longer-term concepts concerning the roles and responsibilities of managing brokers in BC, is part of a review being conducted by OSRE, in conjunction with the Real Estate Council of British Columbia (Council) and the Ministry of Finance.

Prompted by changing industry conditions and business models, the review aims to identify areas and sources of challenges for managing brokers and related risks to the industry and consumers, as well as explore options for the future of the role.

Currently in BC, according to the Real Estate Services Act, every brokerage is required to have a managing broker at all times. Responsibilities of the managing broker are varied and include supervision, knowledge of improper conduct and appropriate subsequent action, management of accounts and records, and notice to parties regarding deposits.

OSRE's consultation process is open to the public and BCREA also encourages all REALTORS® to read the discussion paper and submit their own individual feedback by emailing [email protected] by the December 15 deadline.

In early 2020, a summary of the consultation and feedback provided is expected to be published.

For more information on the project, click here.

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