The Fraser Valley Real Estate Board, Chilliwack & District Real Estate Board, and the Greater Vancouver REALTORS® are implementing revisions to the Rules of Cooperation effective August 1, 2024. As circulated in eMemo #4289, these updates provide clarity for members and increase efficiency in real estate practices. Here’s what you need to know:
- Accountability: Members are responsible for the actions of their unlicensed assistants, administrators, and employees, and Members will be held accountable for all conduct and actions undertaken by these individuals on behalf of the Member.
- Communication Standards: A Member shall communicate with other members in a timely and effective manner.
- Conduct: Members shall not conduct themselves or permit their employees to conduct themselves in such a manner as to prejudice their own reputation, the reputation of the Board, or the reputation of the real estate profession.
- Manufactured Homes/Modular Homes/Park Model Homes: A photograph of the CSA or Electrical Inspection label must be posted to the MLS® System as an associated document within 24 hours of listing activation. This change will ensure that at the time of listing the property, there is a CSA or BC Electrical inspection label on the home. This will assist Brokerages with mitigating risk and provide Buyer’s Agents with timely, accurate information for their clients.
- Irrevocable Direction Regarding Presentation of Offers (IDRPO): IDRPO forms signed by sellers must be posted within 24 hours of listing activation or, if not a new listing, within 24 hours of the seller completing and signing the IDRPO, providing clear information of the seller’s offer presentation instructions. ALL signed IDRPO forms must be posted, and the specific seller’s direction(s) on the IDRPO must also be disclosed in the Realtor’s remarks. i.e. “No Buyer’s Agents to be present during offer presentation.” And/or “Offers will not be reviewed until July 8, 2024, at 4:00 p.m.”
- Strata Properties – Form “B”: For each strata MLS® listing, the Listing Brokerage shall, at the time of taking the listing, obtain current relevant strata corporation documents, including but not limited to two (2) years of strata council minutes and strata corporation minutes, registered strata corporation by-laws, financial statements, registered strata plans, information concerning special assessments, either proposed or levied, and a current Information Certificate (Form “B”).
- Residential Land Assemblies: Listings that are part of a residential land assembly are exempt from CREA’s REALTOR® Cooperation Policy, which specifies that Realtors across Canada must place their residential listings on the MLS® System within three days of public marketing. A residential land assembly is defined as the combining of two or more adjacent residential properties to form a single site that current government policy may allow for the development of a commercial property or residential use with four (4) or more units.
- Changes to Completion Date: The Listing Brokerage must notify the MLS® Department immediately of any amendment to or extension of the completion date. This is important because sales fee invoices become due and payable upon the completion date recorded on the MLS® system, and when the new “Pending” (sold firm) and “Closed” (completed) statuses are released, the completion date will be the trigger to automatically change the status of a listing from a “Pending” to “Closed.”
For more detailed information
- The Rules of Cooperation information, including a side-by-side comparison of the current and August 1st rules, is available on FVREB Connect on the Rules, Standards, By-laws & Resources page.
- CREA REALTOR® Cooperation Policy Complete Policy and FAQs
For questions about these updates, please contact your Managing Broker or Barbara Lohmann, Director of Professional Standards, at 604-930-7605.