Real Estate Council of BC

Where to Find Resources From BCFSA, Real Estate’s New Regulator

Realtors are invited to a webinar regarding the Fall 2020 Standard Forms Release

On August 1, 2021, the BC Financial Services Authority (BCFSA) became the new regulator for real estate service providers in BC. That means the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) no longer exist.   BCREA recently published a blog post with a video explaining the change in regulators and a series of resources

Revised Real Estate Rules Now in Effect Under New Regulator

As a result of the integration of the Real Estate Council of BC (RECBC) and Office of the Superintendent of Real Estate (OSRE) into the BC Financial Services Authority (BCFSA) on August 1, the Real Estate Rules, now named the Real Estate Services Rules, have been revised. The changes take effect immediately. With RECBC and

One Financial Services Regulator Coming This Summer

In March, amendments to the Real Estate Services Act (RESA) received Royal Assent, paving the way for a single financial services regulator in BC, including real estate. On May 19, the British Columbia Financial Services Authority (BCFSA) announced that the Office of the Superintendent of Real Estate (OSRE) and Real Estate Council of BC (RECBC)

Teams Consultation: BCREA-Real Estate Board Response

On April 1, BCREA and the ten BC real estate boards made a joint submission to the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) in response to their consultation on regulating real estate teams. The regulators’ interest in teams came up as a result of

Learning from an RECBC Discipline Decision #535

Starting in 2016, the real estate profession has seen numerous regulatory changes, including increased fines, new regulations, greater involvement from the Real Estate Council of BC (RECBC) and the elimination of limited dual agency. As a result, I have tried to focus many of my more recent articles on discipline decisions of RECBC. While discipline

Updated Guidance for Real Estate Practice During COVID-19

UPDATE (January 14, 2021): As the spread of COVID-19 continues to be a concern, restrictions from the Provincial Health Officer (PHO) on social gatherings and non-essential travel, and a requirement for masks in public indoor spaces are still in effect until at least February 5, 2021. Updated guidance on safer showings from BCREA, the Real

UPDATE: Have Your Say on Changes to Administrative Penalties

The new deadline for this consultation on changes to administrative penalties is November 13, 2020 (announced by the Office of the Superintendent of Real Estate and Real Estate Council of British Columbia on October 27, 2020). In mid-September, the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of BC (RECBC)

Knowing the Rules May Not Be Enough #529

A recent discipline decision from the Real Estate Council of BC (Council) illustrates how important it is for licensees to be aware of and follow Council guidelines and their interpretations, which can be found in newsletters, notices, articles, and answers to Frequently Asked Questions, all readily available on Council’s website. In this decision,1 a couple

Who’s Who in BC Real Estate?

Have you ever called your local real estate board with a question and then been told to call the Real Estate Council of BC? And then you give them a call and they tell you to call BCREA? It’s not always easy to keep track of who does what, especially when it comes to distinguishing

Reforming the Regulator

In 2021, the BC Government intends to integrate the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) into the BC Financial Institutions Commission (BCFSA). According to the December 12 news release, this move will satisfy a recommendation made by Dan Perrin in 2018 to create a

Revised Council Disclosure Forms Better Meet Consumer Needs

Recent changes to three Real Estate Council of BC mandatory disclosure forms are a significant improvement on previous versions, which were launched as part of the June 2018 Rule changes. The revised forms, which came into effect September 30, 2019, include the Disclosure of Representation in Trading Services, Disclosure of Risks to Unrepresented Parties and Disclosure to Sellers of

RECBC and BCREA Work Together to Change Regulatory Education

The Real Estate Council of BC (RECBC) and the British Columbia Real Estate Association (BCREA) have signed an agreement that will see the management of regulatory education for real estate professionals transition to RECBC in the fall of 2019. Through this agreement, RECBC will increase its oversight, control and direct involvement in the development and

Changes Coming to REALTOR® Professional Development

One step closer to a new professional development framework BC’s REALTORS® are one step closer to a new framework for professional development that is more flexible and REALTOR®-focused. On March 26, the leadership of the province’s 11 real estate boards and the British Columbia Real Estate Association (BCREA) approved a new framework that will recognize

Don’t Forget About Council #511

In the many years that I have taught the Legal Update course, most REALTORS® have shown understandable interest in court decisions and how those decisions might affect their practice and personal liability. Surprisingly, I have not noticed the same level of interest or concern regarding disciplinary decisions by the Real Estate Council of BC (Council).

BCREA’s Limited Dual Agency Waiver Proposal

Making the LDA ban more workable for consumers and REALTORS® On January 16, leadership from the British Columbia Real Estate Association (BCREA) met with Minister of Finance Carole James to present a proposal for a waiver that would make the ban on limited dual agency (LDA), the practice of a REALTOR® representing both parties in

AMENDED: New Rules to Profoundly Change How REALTORS® Work With Consumers

This news release was amended to correct inaccuracies regarding potential conflicts of interest, disclosures regarding remuneration and to add comment on the impact of the Rule changes. The corrections are italicized for clarity. Vancouver, BC – June 15, 2018. On June 15, 2018, changes to Rules under the Real Estate Services Act that dictate how

Real Estate Council Lack of Jurisdiction #258

Legally Speaking

By Gerry NeelyB.A., LL.B. Section 20 of the Real Estate Act gives the Real Estate Council the power to conduct an inquiry into a complaint, under regulation 9.12, that a licensee has been negligent or incompetent in the performance of any act, for which he is required to hold a license. While the committee reviewing the evidence

Purchaser's Home Subject to Sale Before a Certain Date #198

Legally Speaking

By Gerry NeelyB.A., LL.B. A common condition in an offer is that it is subject to the sale of the purchaser’s home on or before a certain date. In these circumstances it is the duty of the purchaser to use his best efforts to sell his home. Is there an additional obligation to accept the

Foreclosure – Defence of Vendor/Mortgagor Against Deficiency Claim #72

Legally Speaking

By Gerry NeelyB.A. LL.B. The Real Estate Council has recently advised licensees of the desirability of advising a vendor of the vendor’s continuing liability to a mortgage lender under a mortgage granted by the vendor on property that is then sold to another person who agrees to assume the mortgage payments. The decrease in property