Superintendent Adopts New Rules
On April 27, Rule changes concerning English language proficiency requirements, remuneration disclosure and conflicts of interest were finalized. These Rules were part of the consultation the Office of the Superintendent of Real Estate (OSRE) conducted that closed on April 20.
The Rule on remuneration requires that new disclosures to sellers must include a dollar amount, not just a percentage. The Rule on conflict of interest requires that when a conflict arises, licensees must either walk away from both parties or get consent from both parties to end one relationship and continue with the other. These Rules come into effect on June 15, 2018.
The Rule on English language proficiency requirements for new applicants is in effect now.
The proposed Rule that would have created new continuing professional education requirements was not adopted. Instead, OSRE supports the Real Estate Council of British Columbia's decision to require all trading services and rental property management licensees to complete the Rule Changes: Agency and Disclosure course as part of their relicensing education requirements.
The proposed administrative penalties Rule was also not implemented.
Also scheduled to come in effect on June 15 are additional disclosures and the ban on limited dual agency. BCREA continues to advocate for a thorough review of the impending ban on limited dual agency, especially as it impacts small communities and commercial practitioners.
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