Real Advice E-News Issue 1 (December 14, 2017)

Real Advice is a weekly e-newsletter helping licensees prepare for regulatory changes.

December 14, 2017

Learning About the New Consumer Protection Rules

On March 15th, 2018 new rules for BC’s real estate licensees will come into effect. The Real Estate Council, as the regulator of licensed real estate, is committed to helping you understand how these rules will impact you, and what you will need to do to comply with your legal requirements. This email tells you about the information you can expect to receive from us to prepare for the changes ahead.

The rules, announced in November by the Superintendent of Real Estate, will protect consumers by prohibiting limited dual agency in almost all cases, and by requiring new disclosures about commissions, services to expect from a licensee, and the risks of being an unrepresented party in a real estate transaction. These rules will significantly change the way that BC’s real estate licensees conduct business.

Real Estate Council of BC: Your Information Source on the New Rules

The Real Estate Council is the only definitive information source on how to comply with the new rules. Each week, from now until March 2018, you will receive a ‘Real Advice’ update from the Real Estate Council, featuring the latest resources and learning tools we’ve developed to support you to comply with the requirements.

Here’s what you can expect to see over the coming weeks:

  • FAQs and practical tips – our experts will help guide you through common as well as complex scenarios that licensees may encounter in the course of business
  • Videos and infographics
  • Articles, fact sheets and professional standards resources, and
  • Mandatory forms that will be required for the disclosures, along with guidance on their use.

All of the materials will be posted on the Real Estate Council’s website as they are developed.

Please check RECBC’s website for information about the impacts of the new rules, and how to comply – other information sources may not be correct.

New FAQ Responses Now Online

We’ve just added new questions to our online FAQs to give you more information on the transition to the new rules:

  • Dual Agency: What about existing agreements?

If you have questions, or you are looking for information that isn’t yet covered on RECBC’s website, let us know. Submit your questions using our online form. We will post responses regularly to the most popular questions.

More information:

Published on Dec 14, 2017