At BCREA’s second annual Managing Brokers’ Conference in October, Superintendent of Real Estate Micheal Noseworthy introduced a new discussion paper: “Reframing the Role of Managing Brokers in BC.” The discussion paper is part of a managing broker consultation process by the Office of the Superintendent of Real Estate (OSRE) that began in fall 2018 with
In 2021, the BC Government intends to integrate the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) into the BC Financial Institutions Commission (BCFSA). According to the December 12 news release, this move will satisfy a recommendation made by Dan Perrin in 2018 to create a
The issue of money laundering continues to be one of ongoing governmental and public concern. BCREA have taken an active role in the Cullen Commission of Inquiry into Money Laundering In BC, having applied and received formal standing to partake in the process and represent provincial real estate interests. We have also been attending the
The British Columbia Real Estate Association (BCREA) has created a new video to help consumers better understand the Privacy Notice and Consent form, and how their personal information is protected in a real estate transaction. You can show this video to consumers when discussing the Privacy Notice and Consent form, or at any point if
Sign up for a BCREA Mobile plan by December 20 to be entered to win an iPhone 11. Sign up now! An exclusive plan for REALTORS® + family and friendsREALTORS® need a mobile plan that works as hard as they do. That’s why we’ve partnered with the Alberta Real Estate Association to offer BC REALTORS® a mobile plan
Posted byMike ManganB.A., LL.B. In general, a brokerage must have a contract with a person to claim commission from that person. In each particular set of circumstances, the wording of the contract determines the brokerage’s entitlement to the commission. In Clause 5 of the Multiple Listing Contract, a commission is payable where a legally enforceable
By Gerry NeelyB.A., LL.B. The language used in a lease to decide how the adjustment of rent will be determined for a bare land commercial property can be very important. A recent decision involving the rental to be paid during each successive five-year period of a 20-year commercial bare land lease, where the use of
When we think of residential occupation, our minds turn to fee simple ownership, strata property ownership or maybe rental occupation. A lesser known but growing form of housing is cooperative housing under the Cooperative Association Act SBC 1999 c.28 (“Act”). Unlike strata ownership, members of a cooperative do not own a specific unit. Members of
Earlier this week the Ministry of Finance announced their intent to shift to a single regulator, wrapping real estate oversight into the BC Financial Services Authority (BCFSA). They are aiming for this new legislation to be tabled by Fall 2020, with implementation in 2021. Under this new structure the Office of the Superintendent of Real
BCREA is preparing a response to the Office of the Superintendent of Real Estate (OSRE), in light of its recent discussion paper, Reframing the Role of Managing Brokers in BC. BCREA’s response will provide evidence-based insights and industry-focused recommendations and context to the review process and will be based partly on feedback from and consultation with