Rules and Regulations

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

Responding to Rule Changes: Contact Your MLA

REALTORS® all around the province have serious concerns about the new rules affecting limited dual agency and disclosure, set to take effect on March 15, 2018. BCREA and the real estate boards are taking action, and we need REALTOR® support. While the Real Estate Council of British Columbia is working hard to prepare for these

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

Duelling Regulators #508

Recent amendments to the Real Estate Services Act (RESA) granting the Superintendent of Real Estate (Superintendent) greater oversight over the Real Estate Council of BC (Council) resulted in a recent jurisdictional clash between the two regulators.1 In February 2016, in response to concerns about real estate licensee conduct, the Superintendent established an Independent Advisory Group

Perrin’s Recommendations a Positive First Step

On September 27, the Ministry of Finance published Dan Perrin’s Real Estate Regulatory Structure Review—that is, the independent review of the regulatory framework currently governing real estate practice in BC. The report reflects many of the concerns BCREA and BC’s 11 regional real estate boards have raised related to the co-regulatory structure as a whole,

BCREA Supports Government’s Reviews of BC Real Estate

Vancouver, BC – September 28, 2018. The British Columbia Real Estate Association (BCREA) welcomes the provincial government’s launch of an inquiry into money laundering in sectors including real estate. As the professional organization representing BC’s 11 regional real estate boards and the province’s 23,000 REALTORS®, BCREA also welcomes the results of Dan Perrin’s review of

BCREA Conference to Discuss Best Practices in FINTRAC Regulation Compliance

BCREA’s first ever conference on regulatory and advocacy issues for managing brokers will also include a panel discussion on best practices in complying with FINTRAC’s anti-money laundering regulations. “Complying with FINTRAC reporting regulations is an important part of managing brokers’ duties,” said Darlene Hyde, BCREA Chief Executive Officer. “We want to help managing brokers learn

More Practitioners Needed on Real Estate Council

On June 15, new real estate Rules under the Real Estate Services Act came into effect, making significant changes to real estate practice in the province. This includes several new disclosure requirements and a ban on limited dual agency (where a licensee acts for more than one party in a transaction). BCREA sees the importance of a

Update on New Rules Advocacy Work

The new Rules that are scheduled to come into effect on June 15 represent significant changes to real estate practice in BC. BCREA believes the implementation of the new Rules should be delayed. Regulation is important, but implementing new Rules without allowing time for consumers and licensees to understand the changes is not in anyone’s

Changes to BCREA Standard Forms

Not surprisingly, the upcoming Rule changes will also mean updates to many of the BCREA standard forms used everyday. Once the Rule changes come into effect, outdated versions of the standard forms and the Working with a REALTOR®brochure will no longer be available on WEBForms®. As a REALTOR®, it’s important that you are ready to work

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

Rule Changes – Overview

On June 15, the Office of the Superintendent of Real Estate’s (OSRE) finalized Rule changes will come into effect. The Rule changes will include new requirements for licensee language proficiency, remuneration disclosure, a new relicensing education course, a ban on dual agency and new rules for conflicts of interest when acting for multiple clients. As

BC Real Estate Regulatory Review

On April 18, 2018, the BC Government announced a review of the province’s real estate regulators. This review will examine the roles of the real estate regulators to ensure that consumers in the real estate market are effectively protected. Currently there are two co-regulators: the Real Estate Council of British Columbia and the Office of

Superintendent Adopts New Rules

On April 27, Rule changes concerning English language proficiency requirements, remuneration disclosure and conflicts of interest were finalized. These Rules were part of the consultation the Office of the Superintendent of Real Estate (OSRE) conducted that closed on April 20. The Rule on remuneration requires that new disclosures to sellers must include a dollar amount,

What’s Up (With the) Dock? #479

Legally Speaking

By Jennifer CleeB.A. LL.B. Waterfront properties with private docks are looking attractive at this time of the year, particularly with the weather we’ve been enjoying this summer. Licensees involved in the sale of such properties need to be aware of, and inform their clients of, the possibility that any dock or other structures built upon