Agency and Disclosure Rules Now in Effect
On June 15, 2018, the Superintendent of Real Estate’s agency and disclosure rules came into effect.
These rules protect consumers by:
- prohibiting limited dual agency in almost all cases, and
- requiring new disclosures about commissions, services to expect from a licensee, the risks of being an unrepresented party in a real estate transaction, and managing conflicts of interest between clients.
The agency and disclosure rules are intended to ensure that consumers receive better information to make informed decisions, and that licensees act with undivided loyalty to service their clients’ best interests.
Hearing from Stakeholders
The Superintendent of Real Estate has directed the Council to prepare a report summarizing the first 90 days of the implementation of the agency and disclosure rules. To support an active dialogue and gather valuable feedback from industry members, Council staff will be travelling around the province over the summer and early fall, conducting a series of roundtables with managing brokers from each real estate board. Each real estate board will invite a small number of managing brokers, representative of the diversity of brokerages within the board, to meet with Executive Officer Erin Seeley and other staff members for a morning of discussion and exchange of views. These opportunities for open dialogue will allow for the suggestions and ideas of industry members to be heard and considered directly and transparently.
To ensure that all licensees have an opportunity to give us feedback, we’ll be following up later in the fall with a survey.
All the input gathered from the managing broker roundtables will help shape our report and may influence how future changes are introduced and implemented. In addition to the roundtables, we are also in the process of gathering feedback on our current resources such as our forms, webpages, and mobile app.
Licensee Knowledge Base
The Council is continuing to develop additional resources for the Licensee Knowledge Base, providing you with go-to information on the agency and disclosure rules and how to comply with them.
Using the Knowledge Base, you can find the new disclosure forms and their corresponding guides, various articles and FAQs, and video and audio content to help you understand the agency and disclosure rules. It is also fully compatible with mobile devices and a wide range of web browsers so you can find answers to your questions whenever and wherever you are.
The Knowledge Base will continue to grow as we produce additional information and resources, including podcasts and webinars.