Real Advice is a weekly e-newsletter helping licensees prepare for regulatory changes.
March 29, 2018
On June 15, 2018, new consumer protection rules from the Superintendent of Real Estate will take effect. The new rules will protect consumers by:
- prohibiting limited dual agency in almost all cases, and
- 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 Superintendent has also published additional draft rules for consultation, which you can read here — will open in a new tab or submit your comments using this online survey. — will open in a new tab
The Real Estate Council will publish additional guidance for licensees after the consultation period concludes on April 20th, and any changes to the proposed rules are finalized.
Throughout the month of March, RECBC is helping you understand how to comply with the new Rules by exploring various aspects of agency duties.
You can learn more by listening to RECBC’s first Real Talk, Real Advice podcast about the fundamentals of agency, featuring Manager of Professional Standards, Maureen Coleman and real estate lawyer Bruce Woolley, Q.C.
Each monthly podcast will explore a timely real estate topic, featuring voices from RECBC, the legal world and industry. Next month you can expect to hear experts cover how to prepare for change ahead of June 15th. Tune it at your convenience on iTunes and SoundCloud.
Explore previous issues of Real Advice to learn more about your agency duties, including:
- Disclosing Material Information
- Agency Basics
- The Ongoing Duty of Confidentiality
- Conflicts of Interest
Visit RECBC’s website for information and advice about how to comply with the new rules in many common scenarios.
Published on Mar 29, 2018