Preparing for Change
On June 15, 2018, rules from the Superintendent of Real Estate will take effect. These 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’s rules will transform the way real estate is practiced in BC, putting consumers first and moving from a sales-focused industry to a client-centered profession. Here are some important steps you can take now to help prepare for the changes ahead.
1. Take Advantage of Education Opportunities
The Real Estate Council is working with the Real Estate Division at UBC Sauder to develop an online course covering the fundamental principles of the new rules including the changes to dual agency and the required disclosures. The course will take 3-5 hours to complete and will be introduced this spring.
As a professional, you also need to be knowledgeable about the expected standards of conduct for real estate licensees in BC. You are responsible for staying up-to-date about changes in laws, regulations, and policies that affect your practice.
In order to be as prepared as possible, we encourage you to check the Council’s website regularly for updates and make sure to review existing resources, including:
- Our online FAQs
- Weekly Real Advice enewsletters
- Video resources
- Real Talk, Real Advice monthly podcast
- Professional Matters webinar series (will be available to view in the coming weeks)
2. Make Sure You’re Keeping Proper Records
Beginning June 15th, you will be expected to begin using new disclosure forms with your clients and unrepresented parties, as required under the new rules. You won’t just need to ensure consumers give informed consent, and sign the right form; you’ll also need to keep records of the new disclosures as required by the existing rules.
You have a critical role to play in helping your brokerage keep accurate and detailed record management. You must ‘promptly’ provide your brokerage with any records related to any real estate services you have provided. Remember that ‘promptly’ means without any delay.
Managing brokers are responsible for ensuring that records of the brokerage are maintained in accordance with RESA, the Regulation, Rules, and Bylaws. This will include the new disclosures required by the Superintendent’s rules.
Before you set up or modify your data management system, make sure you’re familiar with sections 8-9.1 and 8-10 of the Council Rules, and section 25 of RESA.
If you want to keep the records electronically, you need to ensure copies of all documents are kept in BC, and that the copies can easily be transferred to a printed format for inspection by the Council, if requested.