The provincial government’s Independent Advisory Group, which has been assigned to reviewing the real estate industry, has sent a letter to Marylou Leslie, the Chair of the Real Estate Council of BC. To read it, click here.
In short, the advisory group is working on recommendations to:
- restore public confidence in real estate professionals
- assess existing regulations and penalties to determine if they are effective
- assess whether the regulatory structure of the industry is adequate
- consider whether the proposed changes to regulations regarding contract assignment are sufficient
- consider limiting dual agency
- significantly increase penalties for breaches of the Real Estate Services Act and unethical behavior
- review the role of Boards versus Council in the context of consumer complaints and make recommendations for improvement
- review the role of the managing broker and assess whether existing legislation and regulation are sufficient to hold managing brokers accountable
- enhance the structure of Council itself in the context of best practices for governance
- examine whether deterrents exist that would prevent licensees from reporting misconduct of a colleague
- examine the complaint process to ensure that it’s sufficiently accessible to the public
The investigation is expected be completed by early June.