Progress made regarding new rules

by Gopal Sahota, President

On Friday, February 9, we received word from the Superintendent of Real Estate, Micheal Noseworthy, that our recent appeal regarding the need for more time and training to adapt to new regulations, and our concerns regarding double-recusal, has been heard.

Over 550 FVREB members and almost 4,000 members across BC responded to our call-to-action and sent letters to MLAs outlining our concerns. So what did we achieve from this action?

We have assurances from the Office of the Superintendent of Real Estate (OSRE) that they are committed to a successful implementation of any new regulations and to that end have extended the implementation deadline for the most recent rules regarding limited dual agency and disclosures of remuneration from a previously announced March 15 to June 15, 2018 instead.

OSRE addressed the Council’s direction on double recusal by stating that new rules will be created “to address how licencees should manage conflicts of interest involving competing clients so that they can continue to represent a party to the transaction.” Though we are waiting for more details, it is clear that it was not OSRE’s intention for Realtors to walk away from both clients in situations where there may be a conflict. Expansion on these rules to make this clearer for us are in the works.

Also circulated on Friday afternoon was OSRE’s letter to licensees, with a reference to ensuring appropriate education and supports should be in place before any changes come into effect; something which we welcome.

I would like to extend a big “thank you” to all members who responded to this call-to-action. It is great to see that we can make our voice heard.

While we are encouraged by the Superintendent’s response, the changes coming to our regulatory environment have just begun. For those who want to be ready for our next call-to-action, please sign up for the REALTOR® Action Network today.

We remain alert to our members’ concerns and will be ready to engage where appropriate, in order to protect them, and their clients.