Real Advice E-News Issue 29 (July 24, 2018)

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

July 24, 2018

“What to do if…”

Adapting to changes can be challenging, but when you know where to access the information you need, you’ve got a good head start. Check out our tips below for finding answers to your questions about the agency and disclosure rules effective June 15, 2018.

What to do if… you’re unsure how to answer consumers’ questions about the new disclosure requirements

Struggling to explain the Disclosure to Sellers of Expected Remuneration, the Disclosure of Risks to Unrepresented Parties, or another of the new mandatory forms?

You’re in luck – we’ve developed a video and a guide to each of the new disclosure forms and the new agreement. The videos are being used in the Applied Practice Course to help new licensees understand how to use the forms – and they’ll help you too.

You can also send them to your clients, if they want more information about the rules. New videos for consumers and licensees that address specific situations are in development – look for them this fall.

  • Agreement Regarding Conflict of Interest Between Clients: FormGuideVideo
  • Disclosure of Representation in Trading Services: FormGuideVideo
  • Disclosure of Risks Associated with Dual Agency: FormGuideVideo
  • Disclosure of Risks to Unrepresented Parties: FormGuideVideo
  • Disclosure to Sellers of Expected Remuneration: FormGuideVideo

What to do if… you’re wondering how the changes to dual agency affect your team

You and the members of your team are considered to be collectively the designated agent of your clients. That means that anything that an individual designated agent is required to do under the rules, your team (acting collectively as a designated agent) is required to do as well.

For instance, a team cannot represent both a buyer and a seller, or multiple competing buyers. Since the members of a team are collectively the designated agent of their clients, representing two or more parties to the same trade in real estate would be dual agency, which is now banned.

Find answers to more team questions in the Teams and Agency FAQ on the Licensee Knowledge Base.

What to do if… you haven’t taken the Rules Changes: Agency and Disclosure course

Easy – register now  — will open in a new tab! This mandatory online course is the best way to help ensure you have a good understanding of the agency and disclosure requirements. It takes only a few hours to complete, and is filled with valuable information. After you’ve worked through the course scenarios and case studies you will feel more confident about complying with the requirements of the new rules.

Already more than 7,500 licensees have completed the course, and 95% report that it was useful and that they gained new knowledge.

Managing brokers, have all licensees at your brokerage registered for the course? By ensuring that licensees at your brokerage take this required course as soon as possible, you’ll reduce your brokerage’s exposure to risk and help protect consumers.

Register For The Rule Changes: Agency and Disclosure Course  — will open in a new tab

What to do if… you’ve got other questions

Whenever you have a question about the new rules, your first step should be to visit the Licensee Knowledge Base. The Knowledge Base includes information about the new rules specific to many different issues – such as small brokeragesreferral feesmanaging former clients, and more. Use the search bar at the top of the page to find information on the topic you’re wondering about – or browse by subject area.

Completing the Rules Changes: Agency and Disclosure course is a great way to gain a better understanding of the new rules, so that you can apply the principles of the agency and disclosure requirements to situations that come up in your daily business. And don’t forget about reading the Rules themselves – going straight to the source is a good solution when you have questions.

If you can’t find the information you need online or through the mandatory course, check with your managing broker. And if your managing broker isn’t able to answer your question, you can contact one of RECBC’s Professional Standards Advisors. They are available by phone at 604.683.9664 or email at [email protected]  — will open in a new tab.

Published on Jul 26, 2018