Revised Council Disclosure Forms Better Meet Consumer Needs
CATEGORY: Advocacy Standard Forms
TAGS: Real Estate Council of BC Rules and Regulations Standard Forms
Recent changes to three Real Estate Council of BC mandatory disclosure forms are a significant improvement on previous versions, which were launched as part of the June 2018 Rule changes. The revised forms, which came into effect September 30, 2019, include the Disclosure of Representation in Trading Services, Disclosure of Risks to Unrepresented Parties and Disclosure to Sellers of Expected Remuneration.
"The changes go a long way to addressing concerns we brought to the Council when the forms were launched last summer," said Darlene Hyde, the British Columbia Real Estate Association's Chief Executive Officer. "It's encouraging that Council also listened to the input they gathered on their Listening Tour with member boards and managing brokers."
The new forms are more streamlined and easier for consumers and licensees to understand. They also make it clear that the forms are not contracts and, by initialing them, consumers are simply acknowledging they have received the disclosure.
Until December 31, REALTORS® may use either the original or the revised version of these forms. After that, only the new versions can be used.
Council has also launched a new disclosure form for property managers, the Disclosure for Residential Tenancies, which explains the role of property managers to consumers. You can view that disclosure form here.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.
What we do
Popular tags within Advocacy
- Strata Properties
- Rules and Regulations
- Limited Dual Agency
- Anti-Money Laundering
- Real Estate Council of BC
- Standard Forms
Popular posts from BCREA
First-Time Home Buyer Incentive Launches in SeptemberAug 22, 2019
Mortgage Rate ForecastDec 11, 2019