New Video Helps Clients Understand the Disclosure of Referral Payment Form
CATEGORY: Standard Forms
TAGS: Disclosure of Referral Payment Standard Forms Resource Centre Standard Forms Videos
BCREA has created a new video to help REALTORS® explain the Disclosure of Referral Payment form to their clients. A REALTOR® often pays referral fees to people who have referred business to them which could include referring someone to work with them as one of their clients.
Specifically, this form is used by a REALTOR® who intends to make a referral payment to another REALTOR®’s brokerage or to an unlicensed person when permitted to do so under the Real Estate Services Rules.
The video goes into detail about what happens before a referral fee is paid, what a REALTOR®’s obligations are regarding referral fees, and the importance of the timing of disclosure.
If you want to learn more about the Disclosure of Referral Payment form, there is also a toolkit available on the Standard Forms Resource Centre (BCREA Access login required). As included with BCREA Standard Forms toolkits, this toolkit includes an introduction to the form and frequently asked questions (FAQs) such as:
- Is the Disclosure of Referral Payment mandatory?
- When should I make this disclosure?
- What questions do REALTORS® need to consider related to paying a referral?
- Can a referral payment be paid to an unlicensed person?
If you have any questions regarding the Disclosure of Referral Payment form or other Standard Forms, please email [email protected].
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