September 22, 2021 – Risk Management in a Red Hot Market
On Wednesday, September 22, Michael Litchfield, lawyer, educator, and former Legal Update instructor joined us to discuss how brokers can manage risk in a hot market, including strategies to support REALTORS® to ensure they’re meeting their obligations. This session discussed recent situations and questions we’ve heard from brokers as well as some common scenarios to help reduce risk exposure.
- Session slide deck (Thinklab Education and Training)
- Michael Litchfield contact information:
[email protected]
Most Recent
Past Sessions
On Wednesday, March 20, 2024, Greg Dent from ReallyTrusted Technologies joined the Community of Practice to discuss the Makings of a Complete Compliance Program.
- Session slide deck (ReallyTrusted)
- Session slide deck (BCREA)
Follow-up questions:
- 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.
- 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
- Lower Mainland: 604-520-9440
- Toll-Free: 1-844-414-8655
- Email: [email protected]
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.
- March 20, 2024 – The Makings of a Complete Compliance Program
- February 14, 2024 – BCREA Economics Update
- January 31, 2024 – Update from Real Estate Errors and Omissions Insurance Corporation
- January 17, 2024 – Update from BC Assessment
- December 6, 2023 – Indoor Air Quality and Radon Gas in Real Estate
- November 22, 2023 – Top Findings from BCFSA’s Audit of Real Estate Brokerages
- November 1, 2023 – Managing Brokers Policies and Procedures Manual Template & Standard Forms Launch
- October 11, 2023 – Real Estate Transactions involving Tenanted Properties
- September 13, 2023 – Real Estate Transactions Involving Indigenous Lands
- September 6, 2023 – FINTRAC Q&A
- August 23, 2023 – BC Strata Amendments Explained
- August 9, 2023 – WorkSafeBC and Real Estate
- July 19, 2023 – BCFSA’s Regulatory Roadmap, Data Insights, Rules Amendments, and Stakeholder Engagement
- July 5, 2023 – FINTRAC Compliance and Preparing for Examinations
- June 21, 2023 – Distracted Driving: What to Know as a Real Estate Professional
- June 7, 2023 – Cybersecurity Best Practices for Brokerages
- May 24, 2023 – Climate Crisis Impacts on Real Estate
- May 10, 2023 – Mental Health in Real Estate
- April 26, 2023 – BCREA Government Relations Update
- April 12, 2023 – Errors and Omissions Q&A
- March 29, 2023 – Title Fraud in Real Estate – What You Need to Know
- March 1, 2023 – Errors and Omissions – Insurance Changes, Trends, and Tips for Mitigating Risk
- February 22, 2023 – The Path to Recovery in the Housing Market
- February 15, 2023 – Data Collection in Real Estate
- February 8, 2023 – Managing Broker Research Insights
- January 18, 2023 – Foreign Buyer Ban with CREA and AUTOPROP
- January 11, 2023 – BC Assessment 2023 Highlights
- November 16, 2022 – 2023 Regulatory Changes and Standard Forms Launch
- November 2, 2022 – Home Buyer Rescission Period with BCFSA
- October 26, 2022 – Professionalism and the Leadership Role for Managing Brokers
- September 28, 2022 – Housing Panel with Municipal-Nominees Across BC
- August 17, 2022 – BCREA Updates
- July 13, 2022 – The Cullen Commission Report: What REALTORS® Need to Know
- June 15, 2022 – BCREA Government Relations and Advocacy Update
- June 1, 2022 – FINTRAC – Receipt of Funds (no recording)
- May 18, 2022 – BCREA Government Relations and Advocacy Update
- May 4, 2022 – Risk Mitigation and Insurance Through Wildfire Season
- April 20, 2022 – An Inside Look at Conveyancing
- April 6, 2022 – Enhancing your Cyber Security with MFA
- March 16, 2022 – Understanding Challenges With Assignments
- March 2, 2022 – BCREA Consumer Protection Recommendations
- February 2, 2022 – Let’s Chat – Darlene Hyde Talks Past, Present and Future at BCREA
- January 19, 2022 – BCREA’s Economic Outlook
- January 5, 2022 – BC Assessment 2022 Highlights
- December 1, 2021 – REEOIC Recap of Top Claims and How to Avoid Them
- November 17, 2021 – Mandatory Cooling Off Period and Other Real Estate Transparency Measures
- November 3, 2021 – Standard Forms Pre-Launch
- October 20, 2021 – REALTOR® Professionalism & REALTORS® Care week
- October 6, 2021 – Post-Election Sectoral GR and Advocacy Update
- September 22, 2021 – Risk Management in a Red Hot Market
- September 1, 2021 – Corporations, Corporate Records, & Identifying Beneficial Interests
- July 28, 2021 – Integrated Regulator of the Financial Services Sector: BCFSA
- June 16, 2021 – Vaccines & the Restart Plan – What You Need to Know
- May 19, 2021 – FINTRAC Compliance Resources and the Upcoming Changes (no recording)
- April 21, 2021 – Land Owner Transparency Registry
- April 7, 2021 – E&O: Mitigating Risks in a Hot Market
- March 31, 2021 – Emerging Issues in a Hot Market
- March 17, 2021 – Legal Defence Reserve
- March 3, 2021 – Cyber Security and Technology: What Brokers Need to Know
- February 24, 2021 – REALTORS® and the BC Energy Step Code
- February 3, 2021 – BCREA Update on Cullen Commission
- January 13, 2021 – RECBC Licensing Fee Changes
- December 16, 2020 – 2020 Year-In-Review and Looking Ahead to 2021
- November 18, 2020 – What Would You Do? Presentation Series: Conflicts of Interest and Misrepresentations
- November 4, 2020 – Administrative Penalties
- October 7, 2020 – Land Owner Transparency Registry
- September 23, 2020 – Risk and Insurance for Real Estate Brokerages
- September 9, 2020 – Anti-Money Laundering & Fostering a Culture of Compliance
- August 19, 2020 – New Forms and Form Revisions Fall 2020
- August 5, 2020 – What Would You Do? Presentation Series: Working in Your Area of Expertise
- July 22, 2020 – Rising Strata Insurance Rates in BC
- July 8, 2020 – Update from the Superintendent of Real Estate
- June 24, 2020 – REALTOR® Brand & Reputation Management
- June 17, 2020 – Guidance and Support for Returning to Safe Operations
- June 10, 2020 – What Would You Do? Presentation Series: Implied Agency
- June 3, 2020 – Managing Broker Panel Discussion on Returning to Safe Operations
- May 20, 2020 – FINTRAC Update and Return to Safe Work Plan (No Recording)
- May 13, 2020 – E&O Coverage and Claims During COVID-19
- May 6, 2020 – Economic Outlook and Market Update
- April 29, 2020 – The Virtual World and Live Tours
- April 22, 2020 – Professional and Regulatory Changes: Principle-Based Practice
- April 15, 2020 – Provincial and Federal Advocacy During COVID-19
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