Consumer Rights and Real Estate Practice
In early September, the Office of the Superintendent of Real Estate published draft rule changes to real estate practice. This action flows from the June 2016 Independent Advisory Group report.
The most significant proposed change is a ban on limited dual agency, where a licensee represents more than one party in a real estate transaction. The only exemption to this ban is for underserved, remote communities with few licensees. The draft rules also include disclosures to clients about commission sharing and other information.
After the draft rules were released, BCREA worked with legal experts, real estate boards and licensees to better understand how the draft rules may affect REALTORS® and consumers. We also met with the Office of the Superintendent, the Real Estate Council of BC and the Minister of Finance.
BCREA welcomed the enhanced disclosure proposals, but noted that a ban on limited dual agency would limit consumer choices in terms of the REALTORSÂ® they could work with. We recommended further exemptions to the limited dual agency ban, as well as a longer transition period to allow enough time to educate REALTORSÂ® and consumers.
The consultation period ended on October 6. When rules are final, BCREA will act quickly to make sure REALTORS® understand the changes and consumers continue to receive excellent service.
Visit our website for more information on BCREA’s position.