April 27, 2018, Vancouver, BC —The Real Estate Council of BC is committed to working to assist real estate professionals to get the information they need to understand and comply with new rules announced today — will open in a new tab by the Superintendent of Real Estate.
The Council, as the licensing and regulatory body for BC’s 25,000 licensed real estate professionals, protects the public by working to ensure that real estate professionals comply with all the rules governing their conduct. To support real estate professionals in their efforts to provide competent and knowledgeable services to consumers, the Council in collaboration with the Real Estate Division of the Sauder School of Business has developed an online continuing education course that will prepare them for the changes to real estate practice.
Effective October 1, 2018, real estate professionals licensed to provide trading services (real estate sales) or rental property management services must, as part of the Council’s mandatory Relicensing Education Program requirements, complete the course, called “Rule Changes: Agency and Disclosure,” in order to renew their licence. Strata property managers, also licensed by the Council, are not required to complete the course.
“The Superintendent’s rules introduce significant changes to the way that BC’s real estate professionals conduct business,” said Executive Officer Erin Seeley. “While real estate professionals have a responsibility to educate themselves about those changes, as a consumer protection agency, the Council wants to ensure that all of BC’s licensed real estate professionals can demonstrate their understanding of the new requirements. That is why we have developed this course, and the Council has made it a prerequisite for licence renewal. “
Rules coming into effect on June 15, 2018 will increase the number and frequency of disclosures that real estate licensees must make to consumers, and will, in almost all cases, prevent real estate licensees from acting for both a buyer and a seller in the same transaction. The Council is developing new mandatory forms which will be used by real estate licensees to make the required disclosures. The new forms and the “Rule Changes: Agency and Disclosure” course will be launched in the weeks ahead.
Other amendments introduced today by the Superintendent of Real Estate include a rule enforcing the English Language Proficiency Requirement for individuals applying for licensing that was introduced by Council in September 2017. That rule takes effect immediately.
Further information about the rules announced today is available in the Consultation Report published by the Superintendent of Real Estate:
The Real Estate Council of British Columbia protects real estate consumers by regulating the conduct of real estate professionals under the Real Estate Services Act.
We set the standards for the required education and training of real estate professionals, issue licences, and investigate complaints from members of the public. When a licensed real estate professional contravenes the Act, we may issue a fine, suspension, reprimand or licence cancellation, as appropriate.
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