COVID-19 Guidance for Real Estate Professionals - Overview
With the situation around COVID-19 continuing to develop at a fast pace, RECBC is committed to supporting real estate professionals to provide high standards of service during these challenging times, and to protecting real estate consumers and helping them make informed decisions.
As a real estate professional, you build relationships and work with members of the public. With cases of COVID-19 on the rise in BC, real estate professionals want to know what they can do to help prevent the spread of the virus and how to manage the challenges that may arise in their day-to-day business practices.Recent advisories from the federal and provincial governments on steps to take to prevent the spread of the virus may in some cases conflict with existing obligations under the Real Estate Services Act, Strata Property Act, or contractual obligations in a listing or service agreement. RECBC does not have the authority to alter legislative or contractual requirements, so in this unique situation we recommend that you hold full and open discussions of all available options with your clients, seek independent legal advice, and advise your clients to also seek legal advice, to determine the course of action that will be in their best interest.
If you have any questions about your roles or responsibilities and how they might be affected by this situation, and if your questions aren’t answered in the information below, please contact our Professional Standards Advisors by email at [email protected] or phone at 604.683.9664, toll-free 1.877.683.9664.
Financial Reporting Deadlines Extended
In recognition of the exceptional circumstances and the additional business pressures that brokerages are under, we have temporarily extended the deadlines for regulatory reporting requirements for brokerages during this crisis.
RECBC and the Office of the Superintendent of Real Estate (OSRE) are temporarily extending the deadlines for yearly filings known as Accountant’s Reports, to allow additional time for brokerages as they deal with the challenges of the current environment. This means that brokerages with filings due between March 1 and April 30 will have until June 1 in which to file their reports with RECBC. This does not absolve strata management brokerages of obligations under section 7-9 of the Rules which outline reporting requirements to client(s).To ensure ongoing public protection, RECBC will continue to strategically target audit activities based on risk and may request documentation and reporting from brokerages as required.
A Message from the Regulators: COVID-19 and the Role of Real Estate Professionals
Erin Seeley, CEO of RECBC, and Michael Noseworthy, BC Superintendent or Real Estate, share an update and their support for Real Estate Professionals in a brief video.