Real Estate Services Act

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)

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

Real Estate Regulatory Changes on the Way

Last year, Minister of Finance Carole James announced that the BC Government intends to integrate the Office of the Superintendent of Real Estate and the Real Estate Council of British Columbia into the BC Financial Institutions Commission (BCFSA) by 2021. Minister James, 2019 BCREA President Michael Trites and BCREA CEO Darlene Hyde at BCREA’s 2019

BCREA Submits Recommendations for New Regulator

On December 16, 2019, BCREA submitted 18 recommendations to Minister of Finance Carole James to help guide the government as they work towards a new regulatory structure for real estate professionals. This follows Minister James’s announcement in November that the Office of the Superintendent of Real Estate (OSRE), which currently oversees the Real Estate Council

New Era for Legally Speaking #404

Legally Speaking

After penning his final issue of his illustrious 26-year tenure as author of Legally Speaking last month, Gerry Neely has passed the torch to four renowned BC lawyers, who will share the authorship duties, beginning in March. Please send questions, comments and suggestions for the new authors of Legally Speaking to [email protected] Mike Mangan Mike

Finder’s Fee; Unlicensed Person Entitled to Enforce Payment #334

Legally Speaking

By Gerry NeelyB.A. LL.B. A Supreme Court of British Columbia judge decided an individual who was not licensed as an agent or salesperson under the Real Estate Act was entitled to payment of $50,000 for introducing a buyer to property sellers. Since Section 47 of the Act bars a claim for commission or other remuneration for an

Aboriginal Land Development and Sale (Continued) #329

Legally Speaking

By Gerry NeelyB.A. LL.B. Column 328 referred to the landlord/tenant relationship resulting from the development of reserve lands. Once all levels of approval have been given, for example, to a residential project, a headlease is created between the federal Minister of Indian and Northern Affairs and a developer, as the tenant. This document provides the

Indian Land Development and Sale, Introduction To #328

Legally Speaking

By Gerry NeelyB.A. LL.B. Anyone involved for the first time in the sale of an interest in reserve land will find little that resembles the more usual sale of fee simple land with which we are familiar.  The outright sale of reserve land is a rarity, occurring usually as part of a trade of land, because

The Stakeholder Provisions of Section 48 of the Real Estate Act, and the Method of Dealing With a Deposit Where There Is a Dispute Between Parties #135

Legally Speaking

By Gerry NeelyB.A. LL.B. The stakeholder provisions of Section 48. of the Real Estate Act are so well known to agents that the disposition of the deposit where there is a dispute between the parties is routinely dealt with. A recent decision supports a reexamination of part of the method suggested on page D-15 of the Professional

The Real Estate Act and the End of the 100% House #23

Legally Speaking

By Gerry NeelyB.A. LL.B. Unless a recent decision is reversed on appeal or the Real Estate Act is changed, the 100% house may disappear. This describes the arrangement between an agent and salesperson where the agent receives no part of the commission earned by the salesperson, but, instead, receives a rental or other payment which defrays the