In addition to RECBC, a number of other organizations are established under the Real Estate Services Act. Each of these organizations participates in protecting or benefiting the public in relation to real estate services.
The Office of the Superintendent of Real Estate (OSRE) is a regulatory agency of the BC government that protects consumers who are buying, selling or renting a home. OSRE provides oversight and regulation of the real estate industry in BC.
They set standards of conduct for licensed real estate professionals, provide oversight to RECBC, take enforcement actions against unlicensed real estate services, and appeal decisions made by RECBC when appropriate.
The Real Estate Errors and Omissions Insurance Corporation (E&O) provides cost-effective liability insurance, loss prevention tools and legal support services for licensed real estate professionals in BC. This protects them and the public from losses that might result from errors, omissions or negligent actions that happen while providing real estate services.
Every licensed real estate professional in BC must participate in E&O by paying an assessment fee every two years at the time of licence renewal.
The Real Estate Compensation Fund Corporation provides financial protection to members of the public who have lost money entrusted to a real estate professional.
Consumers who have have entrusted money to a real estate professional or an unlicensed individual at a real estate brokerage, and whose money has been misappropriated or wrongfully converted,intentionally not paid over or accounted for, or obtained by fraud,may be able to file a claim for compensation from the Special Compensation Fund.
All licensed real estate professionals in BC contribute to the Compensation Fund through the licensing fees collected by RECBC.
The Real Estate Foundation of BC is a philanthropic organization working to support land use and real estate practices that contribute to thriving, resilient communities and natural environments. They do this by funding projects, connecting people, and sharing knowledge.
When property is purchased in BC, real estate brokerages may hold a deposit in a pooled trust account until the sale closes. Under the Real Estate Services Act, the Foundation receives the interest from these deposits and uses the funds to support research, education and other projects that benefit BC communities.