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Professional Standards Manual

Notice of Change: Information in this manual changed when new agency and disclosure rules came into effect on June 15, 2018. Learn more about the new rules.Notice of Change: Information in this manual changed when new agency and disclosure rules came into effect on June 15, 2018. Learn more about the new rules.

General Information

4. Disclosures

(f) Disclosure to Sellers of Expected Remuneration

This disclosure is to ensure that sellers receive information from their licensee on the expected remuneration for every offer presented to the seller.  This would include counter offers made to a seller.   This section requires that the disclosure be in a form approved by Council.  A copy of the form must be kept by the brokerage.

5-11.1(1) When an offer to acquire real estate is presented to a seller by the seller’s licensee, a licensee who is providing trading services to or on behalf of the seller must make a disclosure to the seller in accordance with this section.
(2) The disclosure under subsection (1) must be in a form approved by RECBC and include the following information:

(a) the remuneration to be paid by the seller to the listing brokerage;

(b) the remuneration to be paid by the listing brokerage to the cooperating brokerage, if applicable;

(c) the remuneration to be retained by the listing brokerage;

(d) any remuneration a licensee receives or anticipates receiving under section 5-11 (1) (a).

(3) If the remuneration under subsection (2) is to be received as money, the remuneration must be expressed as a dollar mount.

The mandatory Council-approved form is entitled “Disclosure to Sellers of Expected Remuneration (Payment)”.
 
Find information on using this form in the RECBC’s Licensee Knowledge Base, including:

  • A Guide for Licensees on using the Disclosure to Sellers of Expected Remuneration (Payment)
  • A Video describing how and when to make this disclosure
  • A FAQ on the Disclosure to Sellers of Expected Remuneration form

[updated 06/15/2018]