Consumer Protection Rules: An Update
The clock is ticking down to March 15th, 2018, when new consumer protection rules come into force that will significantly affect how the province’s 25,000 real estate professionals do business.
The new rules are intended to foster a more professional and ethical real estate industry in BC, with better protection for consumers.
The Real Estate Council of BC is fully committed to providing you with the information and resources you need to comply with your obligations as a licensee.
Real Advice on Changes
The Superintendent of Real Estate’s new rules will mean licensees must:
- be more transparent with their seller clients about their remuneration – using a new mandatory Council form to disclose the remuneration they expect to receive;
- use new required Council forms for consumers when informing them about the duties and responsibilities owed to clients and unrepresented parties;
- no longer provide limited dual agency, except in extremely rare circumstances, and in such rare circumstances,
- before providing limited dual agency, use a new required Council form for consumers explaining the risks of dual agency.
Since the changes were announced in November, the Council has been working to develop the new mandatory disclosure forms that all licensees must use under the new rules, and to create educational tools and resources to support licensees to comply with the new requirements. And we’ve encouraged licensees to send us their questions, so that we can provide you with answers for the questions that are most important to you.
Here are some of the most frequently asked questions we’ve received so far to our online question form:
- How will the changes affect teams?
- How will the changes affect small brokerages, and brokerages or licensees who serve specialty markets?
- What does remote and under-served mean?
- With dual agency prohibited, how should licensees treat former clients?
Answers to these questions and more will be coming to your inbox in our weekly Real Advice e-newsletter. Make sure to check your inbox every week for new tips, answers to your questions, and brief videos and other resources to help you navigate the new Rules. If you miss one, you can find past week’s e-news in the News Bulletins section on our website.
The Council is your only definitive source for accurate, reliable, and trustworthy information on how to comply with the new rules. Other information sources may not be correct.
Watch it – Real Advice on screen
In this brief video, Executive Officer Erin Seeley discusses the new rules, how they will help to enhance consumer protection, and the resources to look for from the Council in the weeks and months ahead.