April 12, 2023 – Errors and Omissions Q&A

On Wednesday, April 12, we were joined by Leslie Howatt, Executive Officer of the Real Estate Errors and Omissions Insurance Corporation, Amy Peck, Partner at Whitelaw Twining, and Rob McLeod of Axis Insurance. The panel walked through the details of the claim process, discussed additional insurance options, and answered your questions.

The following questions were asked but due to time constraints were not answered during the session.  Answers are closed below:

  1. Do the licensed salespeople get a copy of the E&O policy if they have to pay premiums?Yes, every licensee receives the March Risk Report by email and it includes a link to the Indemnity Plan each year.  The Indemnity Plan can be downloaded or printed out from the website.  The password for the website is “eno.”
  2. Please touch on the coverage (or lack thereof) in relation to property management activities. Property management licensees are covered under the Indemnity Plan.  The terms of coverage and limits of coverage are the same for all licensees.  There are some exclusions to coverage that property managers should be aware of including Exclusion 14 (a claim pursuant to the Residential Tenancy Act), Exclusion 12 (a claim relating to or arising out of the failure to effect or maintain adequate insurance) and Exclusion 2 (bodily injury).

    Commercial General Liability policies will provide coverage for bodily injury claims against property managers so it is important for brokerages doing property management to have such policies in place.  Commercial property managers should also ensure that they are named as additional insureds on their commercial client’s policy.

  3. Can you explain the decision for a need to have a property management license to manage their own properties for a PREC? Will this also change for trading services in the future as well?This question should be directed to the BC Financial Services Authority (BCFSA), the regulator of real estate licensees. BCFSA contact information can be found here.
  4. BFCSA defence has been mentioned – would the insurance also cover defence for real estate boards?

    For more information, please contact Rob McLeod at Axis Insurance by emailing [email protected].

April 10, 2024 – Government Relations Advocacy Update

On Wednesday, April 10, 2024, BCREA’s Government Relations Team, headed by Trevor Hargreaves including Mark Sakai and Brenna Friesen, along with Greater Vancouver REALTORS®’ Government Relations Director, Harriet Permut, joined us to share an update on new Government Relations initiatives, pertinent housing policies, and a recap of the previous year’s advocacy highlights.

Follow-up questions:

Have there been discussions about being proactive and making buyer agency agreements mandatory?

  • BCREA is advocating for Mandatory Buyer Agency Written Service Agreements, reflecting the profession’s commitment to enhancing consumer protection and elevating professionalism within the real estate sector. This proactive measure was initially recommended in BCREA’s influential whitepaper, “A Better Way Home,” in February 2022, positioning it as a strategy for strengthening consumer safeguards. Backed by unanimous support from Joint Leadership, made up of real estate board Executive Officers, Chairs and Chair Elects, from across the province, BCREA has dedicated the past year to executing due diligence, including gathering insights from other Canadian provinces with mandatory agreements and engaging deeply with the local real estate sector through focus groups and a comprehensive all-REALTOR® survey. With a united front, BCREA is actively engaging with regulators and preparing to present this to the government. However, the implementation timeline may be shaped by the nuances of an election year. While the real estate community has shown substantial support, the ultimate adoption of these agreements hinges on governmental decision-making.

How is profit determined on a flipped property?

  • This can depend on a few different factors. We recommend visiting the Government of BC’s BC Home Flipping Tax page for more information.

I feel strongly about government advocacy, what ways can I be more involved?

  • We suggest volunteering on your regional board or association Government Relations Committee, and perhaps suggesting they attend our Government Liaison Days in 2025.

Additional Resources:

BCREA Open House: The Newsletter

  • Open House: The Newsletter is a new bi-monthly newsletter sent directly to REALTORS® – there’s no need to subscribe. Open House is a space to bring us together as a community by sharing news, celebrating our successes, learning from each other, and having a little fun along the way. The first issue was sent on March 21, 2024. Check your inbox!

BCREA Managing Broker Resources

  • Managing Brokers’ Portal: contains links to resources most used by managing brokers. Click here for more.
  • Managing Brokers Policies and Procedures Manual Template: provides a structured framework to help brokerages achieve regulatory compliance. Designed to be fully customizable. Click here to access.
  • Managing Broker Support Line: a pilot program offering tailored guidance and support to help brokers and member boards and associations tackle challenges they may encounter and identify opportunities to enhance professionalism. Click here for more.

Upcoming Community of Practice sessions:

  • April 24, 2024 – Tech Tools and Managing Broker Resources with CREA’s Lynn St-Germain and Mike Lomond.

The views expressed in these presentations are those of the speakers and do not reflect the views of BCREA or its member boards. Please note, the content of these presentations was current as of the date of each session and we cannot guarantee the accuracy of information provided in past sessions.

REALTOR® Resources


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