Streamlining Mandatory Disclosure Forms
Updates are coming to mandatory consumer disclosure forms introduced in June 2018.
Following engagement with real estate licensees across the province and with consumers, RECBC has determined that making updates to the Disclosure of Representation in Trading Services, Disclosure of Risks to Unrepresented Parties, and Disclosure to Sellers of Expected Remuneration will promote clarity, enhance the ability of licensees to comply with the disclosure requirements, and contribute to increased consumer protection.
Engagement with licensees about these mandatory disclosure forms has included:
- Listening sessions with representative managing brokers from each of the eleven real estate boards across BC
- A survey of licensees conducted for RECBC by a third-party market research firm in January 2019.
- Consultations with RECBC advisory groups and other industry stakeholder groups.
We’re developing updates to the three forms that will be made available in fall 2019. The forms will available on WEBForms and from the RECBC website as part of an enhanced Licensee Toolkit of resources to support licensees to present the forms effectively to real estate consumers.
Key changes will include:
- shorter, more concise consumer information, to reduce paper use and increase clarity for real estate consumers
- ability to use the Disclosure to Sellers of Expected Remuneration form to record counter-offers, to reduce the need for a new form to record each counter-offer from a buyer.
Further information about the updates, and additional resources to support licensees to use the updated disclosure forms effectively with real estate consumers will be forthcoming.