Find answers to common questions about how real estate professionals can comply with the agency rules and disclosure requirements under the Real Estate Services Act, effective June 15, 2018.
Agency and disclosure rules from the Superintendent of Real Estate for real estate licensees will:
- Increase transparency for consumers around licensee remuneration. In particular, how remuneration is to be divided between a listing brokerage and cooperating brokerage.
- Ensure licensees inform consumers of the duties and responsibilities owed to both clients and unrepresented parties before working with consumers.
- Inform consumers of the risks of dealing with a licensee who is representing another party to the transaction.
- Prohibit dual agency, the practice of acting on behalf of both the buyer and seller on the same deal, except in limited circumstances.
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Published on May 08, 2018