Update on Superintendent’s Rules
In a message distributed to all licensees earlier this month, the Superintendent of Real Estate announced that the implementation date for new rules banning dual agency and increasing mandatory disclosures will be delayed until June 15, 2018. The additional time will give licensees and consumers more opportunity to learn about the upcoming changes and how they will affect real estate transactions.
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 Real Estate Council of BC is working with the Office of the Superintendent of Real Estate to ensure a successful implementation of new rules, and continuing to focus on the consumer protection goals that the rules are intended to achieve.
More Changes Ahead for BC’s Real Estate Industry
The Superintendent has also announced that he intends to publish further rules for consultation with industry and members of the public:
- A rule will be developed proposing that licensees receive continuing professional education when significant new rules changes are introduced. The first course established under this rule would be on the changes to agency and disclosure requirements coming into effect on June 15. The Council is already developing this course in consultation with the Real Estate Division at UBC.
- A rule will be developed to clarify the Superintendent’s intentions as to how licensees can manage conflicts of interest related to client representation.
The Superintendent will notify real estate licensees directly when the consultation period opens.
We encourage all licensees and interested members of the public to contribute their thoughts on the proposed rules by submitting comments to the Superintendent during the consultation period.
Education to Comply With the New Rules
As part of its mandate to provide industry education, the Council continues to develop and distribute information and educational resources to support licensees to comply with their legislative requirements.
Each week the Council shares information and guidance with all licensees about the new rules through our Real Advice e-news and our website. Check it out each week for resources and advice to support you in complying with the Superintendent of Real Estate’s new Rules.
Information and guidance on the Council’s website will be updated and may be revised as needed to reflect the intent and impacts of any new Superintendent’s rules.
The Council is Your Source for Information
The Real Estate Council is the only definitive information source on how to comply with the Superintendent’s rules. We encourage consumers and licensees to check the Council’s website regularly for updates.