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Real Advice E-News Issue 14 (March 23, 2018)
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Real Advice is a weekly e-newsletter helping licensees prepare for regulatory changes.
March 23, 2018
Consultation Opens on Superintendent’s Rule
On Wednesday, March 21 the Office of the Superintendent of Real Estate asked real estate licensees and members of the public to comment on proposed amendments to the Real Estate Rules. The Superintendent’s consultation is open for 30 days, until April 20, 2018.
You can submit your comments to the Superintendent using this online survey.
The rules proposed by the Superintendent will:
- incorporate the Real Estate Council of British Columbia’s English language proficiency requirement for new applicants into the Rules;
- create a new requirement for licensees to complete continuing professional education courses from time to time, typically when significant new rules are introduced;
- designate the first continuing professional education course to be completed by trading services and rental property management licensees;
- mandate that new remuneration disclosures include a dollar amount; and
- create new rules to address conflicts of interest where a licensee finds themselves potentially working with multiple parties that would constitute dual agency.
You can read a copy of the annotated draft rules here, which includes the full text of the proposed rules alongside comments from the Superintendent.
Proposed Rules are Additions – Not Replacements
The proposed rules are an addition to rules that the Superintendent announced last fall. Those rules, which take effect on June 15, 2018, will protect consumers by:
- prohibiting limited dual agency in almost all cases
- requiring new disclosures about commissions, services to expect from a licensee, and the risks of being an unrepresented party in a real estate transaction.
The Real Estate Council of BC is working to ensure that licensees and real estate consumers are aware of the rules from the Superintendent, understand their impacts on business practices, and know how to comply with the new requirements.
Have Your Voice Heard
We encourage all licensees and members of the public to contribute their thoughts on the package of new rules which have been published for consultation. To submit your comments, complete the consultation survey on OSRE’s website. The consultation period closes on April 20, 2018 at 6:00 p.m.
We’re Helping You Prepare for Change
To learn more about the changes from the Superintendent’s Rules, and RECBC’s advice on best practices for real estate licensees, check out this video by Executive Officer Erin Seeley. This video presentation was developed for members of the Northern Real Estate Board and delivered at their Annual General Meeting earlier this month.
Council members and/or staff have participated in these Real Estate Board AGMs and events, as part of our efforts to ensure licensees throughout the province are well-informed about the changes ahead:
- Kamloops and District Real Estate Association
- Vancouver Island Real Estate Board
- Victoria Real Estate Board
- BC Northern Real Estate Board
- Chilliwack and District Real Estate Board
- Fraser Valley Real Estate Board
We appreciate the opportunity to engage with licensees across the province on these important new consumer protection rules, and also look forward to continuing to deliver education and guidance to support licensees to comply with their legislative requirements.
Published on Mar 23, 2018