Report from Council Newsletter, Spring 2021

Report from Council
Published on
a man sitting at a table using a laptop computer
  • Elain Duvall, Chair of RECBC

    A number of recent issues and events have occurred this spring that directly affect real estate professionals and the regulation of real estate in British Columbia. Firstly, the ongoing unprecedented high volume of real estate transactions throughout the province is putting a sharp focus on the conduct and practices of real estate professionals. Now, more than ever, it is essential to ensure that you act in the best interests of your client by clearly explaining at the outset of your agency relationship the duties you owe, the services you can provide, and the challenges and decisions that the client can anticipate on their home-buying or selling journey.

    To support the public to be well-informed about the role a real estate professional can play in helping them to navigate the real estate market, RECBC has developed new consumer resources and launched a social media awareness campaign. You can find practical, easy-to-read information to share with your clients on RECBC’s Your Home, Your Decision webpage, or share our posts on your favourite social media channel. We’re reaching out to consumers to help inform them about the risks and challenges of a highly competitive market, and how to ensure that they receive the advice they need from their real estate professional.

    With more individuals than ever before licensed to provide real estate services in BC, RECBC is receiving its highest volumes of complaints ever – more than 150 complaints were filed with the regulator in March 2021. At the same time, the number of questions directed to our Professional Standards Advisors from real estate professionals and consumers reached its highest levels in recent years. Along with ensuring that your own actions are always taken in the best interests of your clients, when you see potential misconduct by another real estate professional, remember that it is your ethical and professional duty to take action to prevent harm by reporting the misconduct. RECBC’s Anonymous Tipline is one option, or speak with your managing broker or a Professional Standards Advisor about your concerns. Make sure you are familiar with your obligations by reading our new guidelines on reporting misconduct.

    Amid the busy real estate market came the welcome news of BC’s 4-phase Restart Plan, announced by Provincial Health Officer Dr. Bonnie Henry and Minister of Health Adrian Dix on May 25. The plan calls for new sector-specific guidelines to be in place as early as July 1. RECBC will be working with the Office of the Superintendent of Real Estate, the British Columbia Real Estate Association, and WorkSafeBC on updates to guidelines and tools to support brokerages and real estate professionals to adapt their practices.

    Until new guidelines are in place, real estate professionals should continue to observe the practices that have been successful in managing risks for consumers during the pandemic: using virtual tools to limit in-person contact wherever possible, not holding open houses, and limiting numbers of people who can attend showings. The practices are outlined in Safer Showings During the COVID-19 Pandemic, and the COVID-19 Safe Practices Checklist for Managing Brokers.

    Most recently, the discovery of children’s remains at a former Kamloops residential school has put the violence and racism experienced by Indigenous people in this country into tragic focus. Indigenous people have been systematically discriminated against throughout the colonial history of this province, and the impacts continue to be felt. There is work to be done by both practitioners and regulators in the real estate industry to make our systems, structures and practices inclusive and accessible to Indigenous people. Over the coming weeks, months, and years, we will continue to focus on doing more, and on concrete actions that can break down barriers.

    Together we can take meaningful action against discrimination and racism towards BC’s Indigenous people.

    Finally, RECBC and OSRE are preparing for integration with BC Financial Services Authority later this summer. If you have not had the opportunity to read the update on the integration from BCFSA, please take a moment to do so. Establishing BCFSA as the single regulator of the financial services sector including real estate will increase consumer confidence and protection for BC’s real estate consumers.

    Have a wonderful summer.

    Elain Duvall

  • a person in a suit takes money from a briefcase

    On June 1, 2021 updates to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) to combat money laundering and terrorist financing in the real estate industry took effect, with requirements that apply to trading services professionals. A fact sheet from FINTRAC, called New Regulatory Requirements for the Real Estate Sector, contains a concise summary of the changes effective June 1, 2021. It is available only on the RECBC website.

    Working with Consumers

    Money laundering is a significant concern in British Columbia and Canada as a whole. Criminals may use real estate transactions to hide or “clean” ill-gotten funds, making illegitimate money appear as if it came from legitimate sources. As real estate professionals, you play an important role in identifying and reporting suspicious transactions that maintains public confidence in the real estate industry.

    Explaining your federal anti-money laundering obligations to your client is an essential first step. As part of your “know your client” responsibilities under the PCMLTFA, you must ensure that the information your client provides you with corresponds with their identification documents and other information sources like BC’s new Land Owner Transparency Registry, Land Title records and the Corporate registry where appropriate.

    Our working with clients video showcases how to talk with your clients about the new requirements.

    Applying sound decision making leads to successful outcomes and lowers the risks to you and your clients. RECBC expects real estate professionals to consult the regulatory resources available, to act as trusted advisors, and use professional judgment. Take the time to assess the situation, gather the facts, review, analyze, consult, decide, and document.

    If you become concerned about the possibility of money laundering in a real estate transaction, ask yourself questions such as:

    • Have I seen any warning signs/indicators?
    • What do I know about my client or the unrepresented party?
    • Have I fully discussed the situation with my managing broker?
    • Should I or my brokerage file a suspicious transaction report with FINTRAC?
    • What is the threshold for reporting?
    • If I go ahead with the transaction and it emerges that money laundering was involved, what will the impact be on my professional career?
    • What will be the impact of money laundering on the reputation of the real estate industry?

    Consult RECBC’s AML Tools and Resources

    Regulatory Information

    Guidelines

    RECBC’s new Anti-Money Laundering Guideline will help you to understand your AML obligations when working with clients and unrepresented parties and how to report suspected money laundering or terrorist financing activities. It includes sections on discussions with clients, considerations when working with buyers, sellers or unrepresented parties, and professional and ethical obligations.

  • a woman sitting at a table using a laptop computer

    The real estate market continues to be very active in most areas of the province, leading to multiple offer situations and properties being sold substantially over the listed price. Here are key tips for buyer agents to keep in mind when dealing with competitive multiple offer situations.

    Prepare your buyer

    Helping your client to understand how the market conditions may impact their home buying goals is an important first step. A well-informed consumer is best able to make good decisions in their own interest.

    For materials to share with clients, see RECBC’s consumer information section, Your Home, Your Decision: Navigating a Competitive Market, it includes helpful resources such as:

    Discuss offers at the outset of your agency relationship

    Ensure that the buyer clients are aware that the potential for competing offers on a property exists. Explain the process for dealing with multiple offers and the varying strategies that may be used in an attempt to secure the successful bid.

    This discussion will also provide an opportunity to address any concerns the buyer may have about multiple offers and will allow them to make an informed decision about whether or not to submit a competing offer on a property, should the situation arise.

    Explain the seller’s options when they receive multiple offers

    Buyers should understand the various options a seller has when considering multiple offers. This information will reduce the risk of the buyer misinterpreting the actions of a seller, or viewing the process as patently unfair. A seller may:

    • reject all the offers
    • accept one offer
    • counter one of the offers
    • provide all buyers with the opportunity to submit new offers by a specific date with the understanding that there is a multiple offer situation.

    A counter-offer can be countered

    Should a seller send a counter-offer back to a buyer, the buyer can accept it, reject it, or counter the counter-offer by modifying any of the terms or conditions. The buyer should be aware, however, that if a counter-offer is countered, the seller is under no obligation to accept that offer, or even counter it again.

    It is important to review the counter-offer expiration date at the end of the contract so that the buyer is aware of how much time they have to respond to the seller’s counter-offer. Once the offer expires, should the buyer still wish to negotiate with the seller, a new offer will need to be drafted and provided to the seller for consideration.

    Learn More

    For more information on presentation procedures in multiple offer situations, see Multiple Offers — Presentation Procedures.

  • Condo door opens to empty unit

    The Office of the Superintendent of Real Estate (OSRE) has released a new information brochure for consumers looking to purchase a pre-sale condo. The brochure, Understanding Pre-Sale Purchases, identifies risks and other information that consumers should be made aware of prior to signing a pre-sale contract.

    OSRE and RECBC strongly encourage all trading service licensees to share this resource with pre-sale consumers, both when acting on behalf of a purchaser or when representing a developer.

    OSRE receives numerous inquiries each month from consumers related to pre-sale purchase agreements. For many consumers, including first-time home buyers, pre-sales are an affordable pathway to home ownership. Consumers thinking about purchasing a pre-sale condo need to make an informed decision and understand their rights and responsibilities when signing a pre-sale contract. This brochure is intended to help prepare them for this significant decision.

    OSRE and RECBC are promoting the brochure through social media channels and as part of RECBC’s ongoing consumer awareness campaign in response to current market conditions. Real estate developers and the legal community are also being encouraged to share this resource with pre-sale consumers.

    As always, we appreciate your commitment to ensuring that consumers have the information they need to make informed real estate choices.

  • person writes while using a computer

    RECBC’s new regulatory resources are now available! You can find Regulatory Information, Guidelines, and Clauses on RECBC’s Knowledge Base. These new resources reflect our modern approach to regulatory guidance, designed for online use with clear, concise, and practical information.

    Here’s a quick guide to what you need to know about the new resources:

    Regulatory Information

    RECBC’s Regulatory Information includes clear, concise, easy-to-read explanations of the requirements for real estate professionals under the Real Estate Services Act, Regulation, Rules, and other applicable legislation.

    Regulatory Information is intended for use by real estate professionals, to support their understanding of the standards they must meet in the delivery of real estate services.

    Guidelines

    RECBC’s Guidelines provide practical considerations for adhering to the regulatory requirements that real estate professionals are expected to follow. By following the guidelines you can ensure that you are using best practices, complying with your regulatory requirements, and prioritizing consumer protection and the public interest.

    Along with updates to make regulatory resources clear and consistent, we’ve made changes to help you easily locate the guidance you need. Browse the new topic-based Regulatory Resources Index, or search for the information you need using our new, more powerful search engine and updated search results display.

    Each regulatory resource now includes a Print button, so you can save and store resources you use frequently. Search terms are highlighted within documents, allowing you to zero in quickly on the section you need. And forms, checklists, and supplementary resources are linked from each resource.

    Updated Subject Clauses Now Online

    As part of our review of regulatory resources, RECBC has worked with legal counsel and industry stakeholders to update the many subject clauses we provide that may assist you in preparing Contracts of Purchase and Sale.

    Visit our Clause Index page to find over 100 newly updated clauses, on everything from Assignments to Zoning.

    Some of the updated clauses include a new section called “considerations” that prompts you to carefully think about the facts that need to be taken into account before deciding whether the clause meets your client’s needs.

    You can search the RECBC Knowledge Base to find the updated clauses, or use the Clause Index to browse for clauses by topic area. BC real estate professionals can also use CREA WEBForms® to access the updated RECBC clauses.

    Please take a few moments to review your WEBForms toolkits, to ensure you are using the most appropriate clauses to protect your clients’ best interests.

    Wondering what has changed in the updated clauses? To help you understand what’s different about the new clauses, we’ve developed a table comparing current and previous clauses.

    Learn More

  • Sherry Rehman et al. posing for the camera

    On May 19, 2021, BC Financial Services Authority (BCFSA) provided a status update on the upcoming integration with the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE).

    The integration, which is expected to be complete this summer, will create a single financial services regulator under BCFSA. This integration is an opportunity to streamline regulation and will enhance investigative, compliance, and enforcement capacity. It will also provide strengthened consumer protection and foster increased public confidence in the real estate sector.

    The new changes will give BCFSA the sole authority over:

    • education and licensing for real estate professionals;
    • establishing rules governing the conduct of real estate professionals; and
    • investigation and discipline for licensed and unlicensed individuals.

    The work of RECBC and OSRE has been vital in setting up a framework with BCFSA that is reflective of the real estate sector and the unique aspects of the industry. BCFSA will continue to build on this strong foundation to make sure we’re regulating in the most effective way possible. BCFSA’s responsibility will be to continue to ensure people in this province are buying and selling homes with confidence and proper protections in place.

    The real estate sector is changing rapidly and market conditions here in BC will likely continue to be of interest to both the public and the media. Therefore, BCFSA will focus on innovation and continuous improvement to ensure regulatory practices are modern, effective, and efficient.

    In the meantime, RECBC and OSRE employees will continue to carry out their legislated authorities and separate operations until integration, at which point their employment will transition to BCFSA. RECBC and OSRE will continue working with stakeholders, including real estate professionals, industry associations, and other key organizations to ensure timely and transparent communication as we work towards this exciting new change together.

  • a document passes between hands of two people

    With recent changes to strata insurance requirements, insurers are now required to provide strata corporations with 30 days notice if they will not renew, or if they plan to materially change, an insurance policy. As a strata manager, if you have received such notice directly from the insurers, you need to ensure that the notice is passed along to the strata council immediately.

    A strata manager has an important role to play in sharing information and assisting strata councils to fulfill their responsibilities. Acting in the best interest of the strata corporation and assisting strata councils to manage their strata or section means providing the information they need, in a timely way.

    Strata council members are generally volunteers, with a wide range of skills and abilities. They may lack knowledge of insurance products and these recent changes. Should a strata manager neglect to communicate time-sensitive information, it may result in a strata corporation being unable to meet its obligation to let strata owners and residents know as soon as feasible when the insurance deductible changes or any other material change to the strata insurance policy occurs.

    A timely proactive flow of information between you and the strata council will improve the effectiveness of the strata council and help to manage risks for owners.

    Background on Strata Insurance Changes

    The Province took steps to help address the issue of increasing strata insurance prices in B.C. and directed BC Financial Services Authority (BCSFA) to research the strata insurance market. BCFSA published an interim report in June 2020, and a final report was released on December 18, 2020.

    The Province passed Bill 14 – 2020: Municipal Affairs and Housing Statutes Amendment Act (No. 2), 2020 on August 14, 2020, which includes amendments to the Strata Property Act and the Financial Institutions Act. Some provisions took effect immediately, and other provisions will take effect after further consultation with the strata community and the insurance industry and the issuance of regulations.

    Learn More

    More information about insurance for strata corporations can be found on the Housing and Tenancy Branch: Insurance for strata corporations and insurance for strata owners and renters.

    For RECBC resources for Strata Management visit: Strata Management Resources.

  • a person waves with a pen in hand at a virtual meeting

    RECBC is committed to providing education, practice information, and guidance to adequately prepare real estate professionals to provide a high standard of services to consumers.

    Applied Practice Course Gets a Refresh

    With unprecedented numbers of new applicants completing the Real Estate Trading Services licensing course in the first six months of 2021, RECBC’s Applied Practice Course is in high demand. To accommodate the increased number of licensing candidates, RECBC has recently added 13 extra offerings of the course to begin in late June/early July to ensure licensing candidates do not have an undue wait to become licensed. We have successfully accommodated more than 400 additional students, moving them to earlier course offerings and we will continue to add courses based on demand to ensure that students can become licensed in a timely way. To support online classroom delivery, we’ve also updated our course policies to help ensure that all learners actively participate in virtual classes.

    The current high volumes of new entrants into the profession make this a great time to be introducing updates to the Applied Practice Course to enhance the learning experience, and that’s exactly what we will be doing later this summer. The course content has undergone the first comprehensive review and refresh since 2015. The updated course will feature an enhanced focus on preventing and managing conflicts of interest and anti-money laundering – key areas for all real estate professionals.

    The updates will make the Applied Practice Course more consistent in its style and approach to assessment and learning outcomes with RECBC’s continuing education courses, creating a cohesive learning framework across all RECBC education.

    Managing brokers, who play a key role in mentoring new professionals during the completion of field assignments in the Applied Practice Course, will have the opportunity to learn more about the updates to the Applied Practice Course this summer. Look for more information in upcoming issues of the Brokers’ Brief, arriving in your inbox every two weeks.

    Tracking Your Progress Just Got Easier

    Are you wondering if you’ve completed all the required continuing education courses in order to renew your licence? We have good news. Thanks to RECBC’s continued investment in systems and technology to improve the efficiency of licensing processes, you can now easily check your completed course status online.

    The addition of a My Course History section in the RECBC Portal allows real estate professionals to view their education history. Managing brokers also can view the completed education for real estate professionals at their brokerage to make sure regulatory education is complete, ensuring a smooth licence renewal.

    If you’re looking to update your knowledge or complete your mandatory continuing education, you’ll find all you need to know about RECBC’s current course offerings and registration information in Continuing Education.

    Find out more about the courses, including how to register:

    • Ethics for the Real Estate Professional: learn valuable information about ethical decision making in real estate.
    • Legal Update: key learning points for real estate professionals to transfer into their business practices based on legal and regulatory updates, practice reminders, recent RECBC discipline cases, legal developments, Errors and Omissions reports, and more.
    • Anti-Money Laundering in Real Estate: designed to give real estate professionals the tools and knowledge they need to help prevent illicit funds from entering our real estate markets.

    Take Advantage of the Benefits of Continuing Education

    To become a real estate professional, you completed the licensing course, but your education doesn’t end there. Continuing education is a requirement to remain a licensed real estate professional.

    But did you know that the benefits of RECBC’s continuing education go far beyond simply staying licensed? Read on to learn about the importance of continuing education for real estate professionals.

    1. Continuing Education Helps You Keep Up with New Developments

    Real estate is a constantly evolving sector, and RECBC’s Legal Update course is revised annually to cover new legal and regulatory information. By taking the course early in your licensing cycle, you’ll ensure that you have the most up-to-date information.

    2. Continuing Education Helps You Do Better Work

    When you’ve got the latest information at your fingertips, you’ll be better prepared to deliver a high standard of real estate services – and that will lead to satisfied clients. By taking the time to enhance your knowledge and sharpen your skills at RECBC’s mandatory continuing education, you’ll reduce the risk of receiving a complaint and becoming the subject of an investigation into your conduct.

    3. Continuing Education Can Improve Your Image

    The confidence that comes from knowing that you are up-to-date and informed will impact your professional relationships with consumers and others in the real estate industry. When you are able to clearly explain new regulatory requirements, or use the latest best practices as a result of participating in RECBC’s continuing education, your clients and colleagues will have increased confidence in your abilities.

    Consumers know that when they work with a well-informed real estate professional, they can have trust that their interests will be protected.

    4. Continuing Education Can Help Your Career

    RECBC’s continuing education for real estate professionals can help prepare you for a leadership role as a managing broker or find areas in which you may want to specialize.

    Managing brokers are responsible for supervising the real estate professionals at a brokerage, so staying well-informed about new regulatory developments is crucial. And RECBC’s Ethics for the Real Estate Professional provides an ethical decision-making framework that will support you to make decisions that are in the best interests of your clients.

    Register Early

    If you haven’t yet completed your mandatory continuing education requirements – don’t wait any longer! There’s no need to wait until you receive a reminder from RECBC. Register now and you’ll experience the benefits throughout your licensing cycle.

  • Anna Lissjanis sitting at a table using a laptop

    Tools to Support Regulatory Training

    As part of our ongoing focus on supporting managing brokers with information and resources to enhance in-house training, we have recently launched a suite of tools that you can use with professionals at your brokerage to answer questions and build awareness of RECBC’s new regulatory resources.

    Visit our new Regulatory Training Tools for Managing Brokers hub to find:

    • An introductory video to the Knowledge Base, with search tips for easily accessing the new resources now available.
    • Fact Sheets explaining the new resources, and how to use them most effectively by applying professional judgement.
    • FAQs about the Knowledge Base and the new resources.
    • Presentations and recorded webinars from our 2021 series of regulatory information sessions for managing brokers.
    • A new video, Working with Clients: A Practical Guide to Anti-Money Laundering Requirements. This step-by-step guide to fulfilling Know Your Client obligations provides useful examples of how to answer questions that consumers may have about the changes to anti-money laundering requirements.

    Do you have suggestions for additional tools, or topics that you’d like to see covered in upcoming webinars? Drop us a line at [email protected] to share your ideas!

    Who is Going To Step Into Your Shoes? The Importance of Succession Planning

    Bob was a dynamic managing broker, who had built a thriving real estate business providing trading services and rental property management services. He supervised the activities of all the brokerage’s representatives and exercised sole control over the brokerage.

    Until the day when Bob had an unexpected health crisis. He did not have a written succession plan. No one at the brokerage had the authority or qualifications to step into his shoes.

    Without a managing broker neither the brokerage nor its real estate professionals could continue to provide real estate services. Their licences had become inoperative. Bob’s health crisis had led to a business crisis.

    This scenario illustrates the very real risks to consumers and real estate professionals when a managing broker has failed to have a clear succession plan, setting out who is to take active charge and qualified to take on the role of managing broker, in the event that the managing broker becomes incapacitated, leaves unexpectedly, or simply takes a well-earned retirement.

    According to RECBC statistics, succession planning is important – 71% of managing brokers are over the age of fifty and 45% are over sixty.

    Creating your succession plan should be viewed as a crucial part of your over-all brokerage business planning. Like your business plan, your succession plan should be reviewed periodically to ensure that your strategy is still appropriate for your brokerage, or in need of adjustment or updating.

    For managing brokers who are also owners of the brokerage, seeking expert legal advice on your succession plan would be a prudent step to ensure that all potential elements are considered in the drafting of the plan, just as you would when planning your estate or updating your will.

    Learn More

    For more RECBC information on this topic see Planning Your Succession

    Continuing Education for Managing Brokers

    Looking for an opportunity to engage on the latest regulatory and professional issues with a group of your peers, to share experiences and perspectives? We’ve got just the thing: continuing education course sessions reserved for managing and associate brokers only.

    In response to feedback from managing brokers that there would be additional value for them in participating in virtual classroom sessions with others at the same licensing level, we’ve added course offerings in Legal Update (residential) and Ethics for the Real Estate Professionals that are exclusive to managing and associate brokers. It’s a chance to discuss issues related to supervision, oversight and management of brokerage operations, and to hear from others who have similar concerns and share the challenges unique to managing a brokerage.

    To register for one of our broker-only sessions visit the course registration page. When registering for Ethics for the Real Estate Professional, options for managing broker sessions will appear when you select the course.

    When registering for Legal Update, you’ll need to choose the residential course if you wish to participate in a broker-only session. After completing your registration, select a managing broker option from the list of upcoming course offerings.

    Final Consultation Report on 2021 Licensing Fee Changes

    The final report on RECBC’s consultation about the licensing fee changes effective April 1, 2021 is now available, with an analysis of the feedback received through the consultation survey.

    During the consultation, which opened on December 10, 2020 and closed on January 10, 2021, all real estate professionals were invited to share their feedback on proposed changes to licensing fees. A total of 1,166 survey responses were received and a number of key themes emerged in the open-ended responses.

    RECBC would like to thank the many real estate professionals who took the time to share their comments and feedback through this consultation. The insights shared by real estate professionals are a valuable support to the ongoing regulation of the industry and the continued protection of real estate consumers in British Columbia.

    Your survey responses will be used to inform future planning and decision making. We look forward to the next opportunity to consult with you on service changes, service improvements, and enhancements.

    Read the final report.

  • On May 6, 2021, the Office of the Superintendent of Real Estate (OSRE) issued an order to freeze property and an order in urgent circumstances to immediately cease providing rental property management services against Cricket Property Management Inc. and Cricket Property Management (BC) Inc.

    The orders were made on an urgent basis by Superintendent of Real Estate Micheal Noseworthy, after determining evidence supports the conclusion that Cricket Property Management is providing unlicensed rental property management services for numerous owners and collecting remuneration for those services, contrary to the Real Estate Services Act (RESA). Neither company is licensed or has been licensed to provide rental property management services.

    Clients or tenants of Cricket Property Management are asked to contact the Office of the Superintendent of Real Estate for further information by phone at 1.855.999.1883 or email at [email protected].

    Under the Real Estate Services Act (RESA), the Superintendent of Real Estate protects the public by investigating unlicensed real estate services activity and taking appropriate enforcement action. The Superintendent can also intervene in the regulation of real estate professionals if an urgent concern for the public interest arises.

    Learn More

    For more information, see the press release and the orders. A Chinese translation is available for the information of the public.

  • people moving into a home

    One of the many advantages available to consumers who choose to work with a licensed real estate professional is the Special Compensation Fund. This fund, which all real estate professionals contribute to through fees paid at the time of licensing, provides financial protection for consumers who entrust money to a real estate professional or an unlicensed individual at a real estate brokerage, and whose money is:

    • misappropriated or wrongfully converted,
    • intentionally not paid over or accounted for, or
    • obtained by fraud.

    Real estate consumers who lose money in these circumstances can file a claim for compensation from the Special Compensation Fund.

    The Special Compensation Fund was established by the BC government in 2005 under the Real Estate Services Act (RESA). Recognizing the significant increases in the value of real estate transactions since then, the Province has now increased the amounts available to consumers through the fund.

    Earlier this spring, amendments to RESA took effect, doubling the amount that a single claimant can receive from the fund, from $100,000 to $200,000. Payments available in cases where there are multiple claimants against a single brokerage have also doubled, from a maximum of $500,000 to $1,000,000.

    There are no planned increases to the assessment fees that real estate professionals pay to contribute to the fund: these will be maintained at the current level.

    Learn More

    To learn more about the Special Compensation Fund, visit the website of the Real Estate Compensation Fund Corporation, or review RECBC’s Special Compensation Fund information for consumers.

  • The following actions have been taken as a result of disciplinary hearings and Consent Orders conducted by RECBC.

    Trading Services (Sales)

    Rental Property Management Services