April 21, 2021 – Land Owner Transparency Registry

On Wednesday, April 21, Shannon Brown-John, Deputy Administrator of the Land Owner Transparency Registry (LOTR), provided a detailed look into the registry and its public search function.

LOTR becomes publicly searchable on April 30 and guidance from the Real Estate Council of BC (RECBC) on how to use LOTR in real estate practice is coming soon. BCREA will support brokerages and REALTORS® in adapting their practice in accordance to the RECBC guidance once it’s available.

  • Session slide deck (LOTR)
  • LOTR website
  • BCREA FINTRAC and LOTR Resources
  • LOTR contact info: [email protected]
  • Follow-up question:
    • Question: Is a civic bylaw enforcement department considered a law enforcement agency for purposes of LOTR?
    • Answer: No, a civic bylaw enforcement officer would not have access to the full set of data, they would only have access to the information available in Public Search.  Only those within the meaning of the Police Act or are a member of the RCMP may inspect transparency records etc. The reference is s.33 of LOTA.
March 20, 2024 – The Makings of a Complete Compliance Program

On Wednesday, March 20, 2024, Greg Dent from ReallyTrusted Technologies joined the Community of Practice to discuss the Makings of a Complete Compliance Program.

Follow-up questions:

  1. In your discussions with brokerages/owners/directors, is there an increased remuneration paid for being the assigned Compliance Officer (CO), and is the CO usually different from the Managing Broker? This is something that should be discussed and determined at a brokerage level.
  2. If the deposit is coming from one of director’s bank accounts and the offer is written under the incorporation name, should we consider it a third party? If an offer is written in the name of a company, any funds received that do not come from a bank account in that company’s name would be funds coming from a third party. In this scenario, one would typically also expect that the company making the offer would be the third party providing instructions to the director. In assessing the risk associated with such a transaction, you would want to understand why the funds were coming from the director and not from the company. For example, a holding company that is also owned by the director may not yet have had any other reason to establish a bank account. – Greg Dent, ReallyTrusted

Additional Resources:

BCREA Open House Newsletter

  • Open House 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 (BCREA Access login required).
  • 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 (BCREA Access login required).
  • Managing Broker Support Line

Upcoming Community of Practice sessions:

  • March 27, 2024 – Cybersecurity Resources
  • April 10, 2024 – BCREA Advocacy Update

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.

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