On June 15, the Superintendent of Real Estate and the Real Estate Council of BC (RECBC) introduced significant changes to the way Realtors® in BC are allowed to practice. These new rules carry the council’s intention of providing further protection to consumers, more disclosure and increased transparency. The 3 big changes include:
Prohibition on Limited Dual Agency – Realtors® can no longer represent two parties in a single transaction whose interests are in conflict. For example, a property seller and a prospective buyer for that property. Realtors® in this situation will need to refer one party to another Realtor® for that transaction, or one of the parties can choose to be unrepresented.
Increased Disclosure of Representation – Realtors® are now required to present consumers with Disclosure & Privacy Consent forms at the very outset of their working relationship. The Real Estate Council wants consumers to be fully informed about their Realtors® duties and obligations to them, so that they have clear expectations.
Increased Disclosure of Remuneration – In addition to the Listing Contract, Realtors® are now required to provide a ‘Disclosure to Sellers of Expected Remuneration’ form, outlining the dollar amount of commission that the brokerage will receive and share with co-operating brokerage for their combined services.
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