Rule Changes – Overview

On June 15, the Office of the Superintendent of Real Estate's (OSRE) finalized Rule changes will come into effect. The Rule changes will include new requirements for licensee language proficiency, remuneration disclosure, a new relicensing education course, a ban on dual agency and new rules for conflicts of interest when acting for multiple clients. As a result, we're making some changes so we can continue to support you in your day-to-day business.

While BCREA has continued to advocate for a delay to implementing the Rule changes, we have also been hard at work to ensure REALTORS® have the knowledge and tools they need to succeed in this new landscape.

Of BCREA's core services, the most significant impact resulting from the Rule changes will be to Education and Standard Forms. To make sure the transition goes as smoothly as possible, we have been holding weekly meetings with representatives from the Real Estate Council of British Columbia (the Council), OSRE and UBC Sauder's Real Estate Division.

We have also been working closely with the Council and UBC Sauder's Real Estate Division to ensure that the changing education requirements of REALTORS® are reflected in the development of new course material. In addition, we have hosted two workshops so our instructors have the knowledge they need to teach the new material. You can read more about updates to BCREA courses in this issue.

Using the Council's interpretations of the Rule changes, we have revised our standard forms. They have been vetted by representatives from the Council and OSRE to ensure that, when used appropriately, they adhere to the new Rules. This issue contains an overview of the key changes. You can also learn more about the most important changes to Standard Forms on REALTOR Link® here.

The Council has also launched an in-depth information hub (called the Knowledge Base) on the Rule changes here.This is a great resource every REALTOR® will benefit from reviewing.

For more information on the Rules, see here.

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