November 15, 2017, Vancouver, BC —The Real Estate Council of BC, as the licensing and regulatory body for the province’s 25,000 licensed real estate professionals, welcomes the new Rules published today by the Superintendent of Real Estate — will open in a new tab.
The Council is committed to ensuring that licensees receive the information they need to understand how to comply with new Rules. As part of its mandate to protect the public, the Council is developing materials for consumers to explain how the Superintendent’s changes will impact them, and to support consumers to make informed decisions when buying or selling property.
“The Superintendent is introducing significant changes to the way that BC’s real estate professionals conduct business,” says Real Estate Council Chair Robert Holmes. “Our role is to protect consumers by ensuring that when the Rules come into effect, all real estate licensees understand how to comply with the new requirements, and to get information into the hands of consumers that they can use to make solid choices when working with a licensee. “
The Rules, which come into effect on March 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. Information on the changes announced today is available now on the Council’s website, including:
- Updated Rules
- What’s Changing: An Overview of New Consumer Protection Rules
- New Rules: Information for Consumers
- New Rules: Information for Licensees
Anyone with questions about how the Superintendent’s Rules changes will affect them is encouraged to submit their queries to the Council, using an online form. The Council will post responses to questions in its online FAQs and will develop further information resources, including videos and infographics, based on the questions received.
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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