More Practitioners Needed on Real Estate Council
On June 15, new real estate Rules under the Real Estate Services Act came into effect, making significant changes to real estate practice in the province. This includes several new disclosure requirements and a ban on limited dual agency (where a licensee acts for more than one party in a transaction).
BCREA sees the importance of a robust regulatory environment that supports consumers and ensures high standards of professionalism for licensees. The Rule changes that took effect in June are significant and, like many major initiatives, have resulted in challenges.
Since June 15, BCREA has worked with the Real Estate Council of British Columbia to smooth the transition. Working with the 11 regional real estate boards, we're providing feedback on issues that consumers and REALTORS® face, advocating for workable solutions and calling for more licensee input into future changes.
BCREA wants to see more opportunities for collaboration between BCREA and the Council, as well as the appointment of more licensees to serve on the Council. Currently, only two out of 14 Council members are licensed under the Real Estate Services Act. BCREA firmly believes the Council will make better decisions if it is informed by practical knowledge and experience of the real estate profession.
We also recommend the Council prioritize consumer education when significant Rule changes are made and, in its role as regulator, inspire confidence in licensees as trusted professionals.
Throughout July, BCREA Chief Executive Officer Darlene Hyde and other representatives have met with regulators and provincial MLAs to raise these concerns. Feedback from these meetings has been positive. We value our relationships with decisions makers and will continue to seek solutions to the challenges consumers and REALTORS® face as a result of the recent Rule changes.
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