Since dual agency virtually ended in June, agent referrals are occurring in greater numbers.
On Thursday August 30, BCREA will make available a new WEBForm® called Disclosure of Referral Payment that is meant to assist licensees with the disclosure of referral payments, consistent with Council’s new Rules.
Section 3-3 (f) of the Rules requires a licensee to disclose to a client “all known material information respecting the real estate services” being provided. If a licensee has agreed to pay a referral fee, this is a material fact that must be disclosed to the client. This is true whether the referral fee is to be paid to another licensee, or to an unlicensed person.
As with the other disclosure forms, clients should read and sign the Disclosure of Referral Payment form. However, if the client declines for whatever reason, the form must still be signed by, and retained by, the REALTOR®.
An Education Guide will be provided with the new WEBForm®.
The other recent revision to WEBForms® was made on Tuesday this week (August 14) to the Commercial CPS form. The change was to reference the correct clause in Section 11.1 to Clause 43.
All of the recent changes to WEBForms® can be found on the Standard Forms Changes link. For in depth information read the Resources for Boards and REALTORS® pages on RealtorLink.